I am new to this and not that knowledgeable about BK. I have two vehicles, $25,000 in credit card debt, Owe IRS Approx. $25,000 and pay a yellow page add for my sole-proprietor business that is $700 a month. What can I do? Which should I file? I want to keep my home and get rid of everything else. Can I do that? Will I be able to clear my Tax troubles? Please Help, Thanks
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I had similar problems. I searched and found a reputable bankruptcy attorney that would discuss my situation for free. We discussed the issues and determined the best course of action. No answer is better, than the one given by an expert. -
If you're in Raleigh. Orcutt's on Six Forks Rd and advertises alot and specializes in BK.
Now since we're both in NC - the state limit on keeping your home is $20,000 for equity. Now it's as simple as checking your county property tax assessment for the value of your home and balance this against your outstanding debt on the home. If your anywhere near the limit of $20K some creativity may work. Nothing illegal but creative - (1) the county tax assessments are notoriously low usually (2) if you pay for a seperate appraisal just mention something along the lines of your situation to the appraisor so they lowball (3) to save on the appraisal you could contact a realtor and say you're thinking of selling and ask for a comparitive market analysis of what their recommend sale price would be (if they're worth their salt they should be real close to an actual appraisal - at least it's a good starting point. Back to being close to the $20K equity - if close before the appraisal junk up the house, yard, driveway
(jokingly said) make it look like someone from West Virginia moved in - get some friends who have RV's, Campers, disabled cars to park them there it helps lower the appraisal - fix nothing and make sure anything wrong is clearly visable during the appraisal. Hope this helps and GO ACC tonight - UNC, Duke & NCSTComment
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