Losing your only asset

[Myspace]

I am wondering how do I stop losing half of my house should I go bankrupt

[AngelinaCatHub]

Welcome to the BKForum. Could you make your question a bit clearer? Half of your house? You will lose all of your house if it is foreclosed. Perhaps it was rhetorical but make your question a bit more literal for dummys like me. 'Hub

[Myspace]

Thanks for responding.

My wife owns half of the house, so I guess they cant take her share, but seeing that my only asset is my home they will come after that. I lost a court case with my former company, and now I am expected to pay there costs of around 250,000 which I dont have.

[AngelinaCatHub]

OK, depending on what state you live in, if you are in community property, your wife will lose the house as well. If you live in a homestead state like Florida or Texas, your house is protected except for mortgage default. BK at $250K is probably a good reason, but let us put it this way, they have a Judgment against you I assume? What can they take from you? They can garnish part of your income if they are a$$ho#es enough to do that. You may owe this, but unless they press to collect that is all they owe. The Judgment here in Florida lasts 7 years and is renewable two times up to 24 I believe. (don't quote me on exact times). In other words, the Judgment can go out of date if they make no attempt to collect. You will not be able to sell the house if you and/or your wife is on the deed unless the Judgment is satisfied, or discharged in a bk.

It is your choice to watch and wait. They may not do a thing, or, if they try, be ready to file right away. The automatic stay will stop action on their collection efforts and it would be discharged as an unsecured debt. Unless fraud or malice was caused within the law suit.

[Myspace]

Dear Angelena, thanks for your information, but I am in the United Kingdom notthe USA.

[JRScott]

Oh this is a USA bankruptcy site

Not sure folks here could advise you on UK ones.

[AngelinaCatHub]

Dear Angelena, thanks for your information, but I am in the United Kingdom notthe USA.

Welcome to our site anyway. We here in the "Colonies", wish you well and much success.

We are pleased that you have found a friendly source of encouragement if not information. Say hello to your Queen for us. I shall not say hello to our "King" for you though. He has Chrysler and General Motors who will do that. 'Hub