Divorce and Ch. 13

[LadyInTheRed]

I need to check into the non-exempt equity. Home sales/values are going up where we live. Thanks! I'll keep everyone in the loop. I'm not I won't be the only one going through this at some point.

In a conversion, I believe what is relevant is your equity on the date you originally filed. If it was exempt in the Chap 13, it would be exempt in the Chap 7. The current equity is only relevent if for some reason instead of converting your current case, it makes more sense to let the current case be dismissed and refile a Chap 7.

[justbroke]

I see that you are in good hands with LadyInTheRed. I'm traveling around the country (and out) the next couple of weeks so I won't be posting as much.

I would only add that what was exempt when you filed Chapter 13, would also be exempt in the "bifurcated" case and the subsequent Chapter 7 if the case was converted. If you dismiss your Chapter 13 and then refile Chapter 7, then you would need to look at all the values and exemptions again since it would be starting over!

[brtb]

Back with more info: My situation is changing and am now seeing how a Chapter 7 discharge could be the way to go. Extra money in my paycheck.

My husband isn't going anywhere and at this point my sanity and well-being are more important than the house. My realtor came by the house yesterday and said he could sell the house for $315K in it's current condition, comps are selling for $350K. We owe $250K. He said to be able to sell it for $350K we would have to put at least $25K into the house. My realtor is also actively helping me look for a rental. Didn't have any luck with an apartment complex, so am going to try private landlords as many of you have suggested.

My husband and his gf think they'll get $350K for it. So be it. I'm ready to throw in the towel.

Anyway, my new bankruptcy atty is trying to convince me to covert to a Ch. 7 and surrender my portion of the house to the trustee. I quite frankly don't understand how it will work. My main concerns are getting off of the title and the mortgage. And finding a new place to live before I do this. Would I sign a Quit Deed, which I'm fine with to get out of this mess? I don't want anything, but to be free of my husband and start my life over.

Thoughts?

Thanks!