It took us nearly a year to get all the paperwork & atty funds together to file a ch7. Our atty said at our 1st visit that our home equity (including if we were to sell our home) wasn't more than $5K. He was wrong from the beginning, because came in low when buying our home a few years ago--but even after telling him what the neighbors bought for, he dismissed what we had to say. So FF many mos, we go to file, and are told we didn't get him a comparative market analysis. We were never told we had to get this prior. Everything came to a screeching hault at that moment w/ the ch 7 and we were told that even w/ an appraisal on our home, due to the market in the area we live in, if our home sells for more than $15K for what we purchased it for, the trustee would never grant a ch7. So we make a quick decision to get the heck out of this area and put our house on the market. All that is fine and good, but it's frikking exhausting knowing now that we are forced to move, and the cost of the move is going to eat up any $ we make on the house, so still nothing will be left to pay for the $45K ($60K if you include late fees and interest) anyway. So where do we stand? I guess we'll have to rent for 1-3 yrs. and pray that a rental co. will rent to us? Something just isn't sitting right with me. What if we chose to sell our home for what we paid. So then the creditors (when they come knocking) won't have anything to take. Our atty has actually told us that we could sell the house in a quick sale and then pay off the debts from there, whichever way we choose. I am being told by a family member that settlement is the worst way to go. I'll be damned if we are forced out of a ch7, forced out of our home, and have any creditor take as much as they want w/ fee's. They will get paid something, or we could spend every dime on the move, and file a ch7 while renting. But we are worried about being served or having wages taken. What to do?!
Is there any way to stay in our home, talk to the bank, refinance on our 80/20 loan, or file a ch13 (w/o getting rid of both cars?) It's upsetting because what if we lived in an area where real estate market was down. Then would the trustee say that we could file a ch7? Something just doesn't sound right to me.
There is time here, as we have not gotten an offer on our home yet. Also, how long does it take before we are served? We stopped paying our unsecured debt about 1 yr ago. Is there a possibility they will leave us alone, but it will just sit on the credit report?
thanks.
Is there any way to stay in our home, talk to the bank, refinance on our 80/20 loan, or file a ch13 (w/o getting rid of both cars?) It's upsetting because what if we lived in an area where real estate market was down. Then would the trustee say that we could file a ch7? Something just doesn't sound right to me.
There is time here, as we have not gotten an offer on our home yet. Also, how long does it take before we are served? We stopped paying our unsecured debt about 1 yr ago. Is there a possibility they will leave us alone, but it will just sit on the credit report?
thanks.
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