Filing BK, unemployed

[goingbrknj]

Hello Forum,
I live in NJ, filing for BK soon, I own a home, unemployed, around $70K in unsecured debt and cc. Own home with boyfriend of 8 years. My initial consultation with a BK lawyer said I need to find a job to be able to file for BK. I haven't found one since bec of the current issues ( I was a mortgage auditor) I have thought of babysitting and will that qualify as income? I intend to babysit around 4 infants?

[Flamingo]

I am assuming the house you own with your boyfriend is the reason why the attorney stated you needed a job. You don't post that much information but since you have an asset that is held jointly with someone else, I would suggest consulting with another BK attorney (maybe 2 or 3) to get some opinions on your situation. Yes, babysitting is a job as you would be self-employed. You would need to be licensed by your state so you would need to look into that. The joint house with your boyfriend is an issue and could pose a problem for him. Get some good legal advice.

[goingbrknj]

Thanks for your reply Flamingo

Right now the mortgage in my credit $240k 1st mtg and $39k 2nd mtg, I would assume my house is valued at $325K based on my homeowners insurance. My bf is on the deed. I am finding ways to get through this and your response is greatly appreciated.

[fltoo]

Homeowner's ins value is not market value.

Go to zillow.com and get your market value.

Market value is what an able, willing and qualified buyer is going to pay for a house and is the only true value of a house, or anything else of value for that matter.

[goingbrknj]

great website thanks for the info

That was an awesome website and the zestimate to my home is $305,000. Is it better for me to try to sell my home first before filing bk? The mortgages are in my credit which is $280 k, I owe 70k in unsecured and the house is owned by me and my BF. I am still current on my mortgages. Any response is appreciated.

[fltoo]

Zillow is great because it keeps up with recently sold properties.