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Second time's the charm...

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    Second time's the charm...

    Howdy, folks.

    I initially filed Ch13 in Dec 2019. We were going along fine, then my husband lost his job over the summer.

    Right away we contacted my BK atty to contact my Trustee to allow us to temporarily stop making payments. During the 2-month payment hiatus my husband still didn't get another job so we decided to convert to Ch7.

    Our atty advised us to dismiss the Ch13 and wait a few months to file a new Ch7. The purpose for dismissal and new filing instead of conversion has to do with exempting the value of our house. We live in southern CA and home values are absolutely bananas right now. CA has the superhero of homestead exemptions so by doing it this way we could shield 100% of the equity in the house.

    We just got back from the atty office after signing all the forms. She's going to submit them today and we will be off and running! I am really really really really looking forward to getting that discharge.

    I wish you the best with your Chapter 7. I myself converted from Chapter 13 to Chapter 7.

    (Thew new $300K/$600K California homestead exemption is nothing to sneeze at, especially considering the housing market there is ridiculous! However, I believe that Florida has the superhero of homestead exemptions. The Florida homestead exemption is in our State Constitution of Florida and the exemption is unlimited. That is why many sports, celebrities, and rich make their primary home in the State of Florida. I think Texas and maybe Nevada have a similar unlimited homestead exemption.)
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.


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