Hi everybody. I am looking into BK and have SOOOO many questions and don't know where to start so here's my background and my most immediate questions...
Household income is now holding steady at 55k. My wife has no income and is currently in a lawsuit with workers comp and disability over an back injury at work in December 2008 and is receiving checks from work comp but not cashing them per her lawyer (lawyer states they are treated as an advance on any pending settlement she may receive but if she receives no settlement, she will have to pay back the money she cashed so basically she is and has not been receiving anything for a year from either entity).
Live in California
Bought home in 2006 with a market value of 360k at purchase time. Owe 250K on mortgage and 48K on HELOC. Current value is between 159-189K depending on which website you use. Current mortgage payment is $1475 and HELOC is $140-180 month (minimum payment is interest only, variable).
Own two cars outright: 2005 Corolla valued @ 6K. 2000 F250 valued @ 9K. Prices are trade in value.
35k in CC debt. 2 summons pending for judgement.
No other substantial assets to list other than normal appliances and furnishings (fridge, washer/dryer, etc).
Can and how will a BK filing affect my ability to try for a loan mod on my mortgage?
Since we have no equity in the home, can we use that exemption amount to keep both vehicles as I drive 33 miles to work one way and my wife is going to therapy and meetings and 3-5 times a week at an average of 20 miles one way?
Would 7 or 13 be better for me?
Household income is now holding steady at 55k. My wife has no income and is currently in a lawsuit with workers comp and disability over an back injury at work in December 2008 and is receiving checks from work comp but not cashing them per her lawyer (lawyer states they are treated as an advance on any pending settlement she may receive but if she receives no settlement, she will have to pay back the money she cashed so basically she is and has not been receiving anything for a year from either entity).
Live in California
Bought home in 2006 with a market value of 360k at purchase time. Owe 250K on mortgage and 48K on HELOC. Current value is between 159-189K depending on which website you use. Current mortgage payment is $1475 and HELOC is $140-180 month (minimum payment is interest only, variable).
Own two cars outright: 2005 Corolla valued @ 6K. 2000 F250 valued @ 9K. Prices are trade in value.
35k in CC debt. 2 summons pending for judgement.
No other substantial assets to list other than normal appliances and furnishings (fridge, washer/dryer, etc).
Can and how will a BK filing affect my ability to try for a loan mod on my mortgage?
Since we have no equity in the home, can we use that exemption amount to keep both vehicles as I drive 33 miles to work one way and my wife is going to therapy and meetings and 3-5 times a week at an average of 20 miles one way?
Would 7 or 13 be better for me?