After recently seeing a lawyer, he advised a Chapter 13 by
myself only as most of unsecured debt is in my name mainly
from failed business startups.
We need to protect our house which was recently appraised at
$94000 which we owe about $39000. We have about $38000 exemption
for both of us. That leaves $17000 equity before subtracting selling
costs. Also the house would probably sell for alot less than $94000
in a depressed market and needing a quick sale. If that were the
case the equity would be wiped out so how do they figure this?
Lawyer advised house would be protected in Michigan if only I
filled and wife did not since we own the house togeather, can't
remember the legal term at the moment.
The real problem is I am having a terrible time finding steady work
after home business fiasco and need to show steady income in order
to file Chapter 13. Income just varies wildly from month to month.
I am currently an Insurance Agent and work another job that does
not guarantee hours.
Wife job is steady but income is not that great. We are way below
the means test for a family of 4.
Big question is can we fill a Chapter 7 without giving up the house?
Should we take an equity loan to burn up the excess equity?
What is the basis of figuring the equity? If they could only get
80,000 for the house less closing costs remaining equity is protected
so I am very confused here.
I am three months behind on several accounts and don't know how
long I can starve them off.
Any advise is greatly appreciated.
Thanks,
MM9999
myself only as most of unsecured debt is in my name mainly
from failed business startups.
We need to protect our house which was recently appraised at
$94000 which we owe about $39000. We have about $38000 exemption
for both of us. That leaves $17000 equity before subtracting selling
costs. Also the house would probably sell for alot less than $94000
in a depressed market and needing a quick sale. If that were the
case the equity would be wiped out so how do they figure this?
Lawyer advised house would be protected in Michigan if only I
filled and wife did not since we own the house togeather, can't
remember the legal term at the moment.
The real problem is I am having a terrible time finding steady work
after home business fiasco and need to show steady income in order
to file Chapter 13. Income just varies wildly from month to month.
I am currently an Insurance Agent and work another job that does
not guarantee hours.
Wife job is steady but income is not that great. We are way below
the means test for a family of 4.
Big question is can we fill a Chapter 7 without giving up the house?
Should we take an equity loan to burn up the excess equity?
What is the basis of figuring the equity? If they could only get
80,000 for the house less closing costs remaining equity is protected
so I am very confused here.
I am three months behind on several accounts and don't know how
long I can starve them off.
Any advise is greatly appreciated.
Thanks,
MM9999
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