Hi, I need more help. Here is my situation.
I have 40K in equity in my house and can only exempt 20K.
I own a small business which owes BoA 12K and I am personaly signed on the CC. No matter which BK I file the business will still owe this debt. If I can get BoA to do a second mortgage for 20K, payoff the 12K and have 8K left to make the other cc payments for awhile. Will this be considered fraud, will I have to wait a year to file?
If I apply to BoA for this loan and they turn me down will this look bad to the trustee.
total cc debt is 65K, with only 12K in the business name
income from business puts me under the median income but I don't want to file chapter 7 and lose the house. I've been trying to find a way to save the house because I have a good interest rate and low balance on the loan. Also in a few years I will be able to draw SS and with the small income from my business I will be able to payoff the house and have a decent place to live and income.
Everyone is always helpful on here. Thank you in advance
I have 40K in equity in my house and can only exempt 20K.
I own a small business which owes BoA 12K and I am personaly signed on the CC. No matter which BK I file the business will still owe this debt. If I can get BoA to do a second mortgage for 20K, payoff the 12K and have 8K left to make the other cc payments for awhile. Will this be considered fraud, will I have to wait a year to file?
If I apply to BoA for this loan and they turn me down will this look bad to the trustee.
total cc debt is 65K, with only 12K in the business name
income from business puts me under the median income but I don't want to file chapter 7 and lose the house. I've been trying to find a way to save the house because I have a good interest rate and low balance on the loan. Also in a few years I will be able to draw SS and with the small income from my business I will be able to payoff the house and have a decent place to live and income.
Everyone is always helpful on here. Thank you in advance