New Here

[newgirl]

I everyone. I'm new and I'm terrified!!

I just saw an attorney today and I'm going to file chap.7
Is it common to be able to keep a home filing chap 7? My atty said I fall with in the guidelines and I will be OK in keeping the house. I'm so scared of this even though he tells me I will keep the house.
I own it with Significant other so only 50% of equity is mine so therefore I will be OK.

Forgive me If I'm not wording this correctly I'm so new to all of this.

I own nothing else (lease a car) have no $ in the bank. Have no expensive items in the home.

Could someone tell me in simple terms what to expect.
I was so nervous at the lawyers I think I must have missed something with all the lawyer terminology.

Look forward to learning a lot from you all. Thanks for listening.

Oh did I mention Im terrified

[HHM]

Your attorney seems to be on the ball, from what you said, you don't have any reason to doubt your attorney's advice.

[SinkingFast]

Maybe we can help you understand better where your attny is coming from.

What State do you live in?? What's the value of your home?? Ball park guestimate of what you could sell for, right now, today, as is. And how much do you owe??

I know it sounds like personal questions, but the questions have direct bearing on your Exemptions. If you give us a little more info, we can help you.

[newgirl]

I live in NY. The value of the house is 413,400 and if I sold it I think I could get 430k. Now thats just a guess. I owe 297k on the mortgage.
Im only 50% owner

[SinkingFast]

http://www.totalbankruptcy.com/state...s_new_york.htm

(a) Exemption of homestead. Property of one of the following types, not exceeding fifty thousand dollars in value above liens and encumbrances, owned and occupied as a principal residence, is exempt from application to the satisfaction of a money judgment, unless the judgment was recovered wholly for the purchase price thereof:

1. a lot of land with a dwelling thereon,

2. shares of stock in a cooperative apartment corporation, [fig 1]

3. units of a condominium apartment, or

4. a mobile home.

But no exempt homestead shall be exempt from taxation or from sale for nonpayment of taxes or assessments.

I guess the attny is thinking since you're half owner then you actually owe more than your half is worth?? Possibly?? Essentially, you're upside down with no equity in the property to have to protect.

If that's the case, you have nothing to worry about with regards to your house.

[Grace]

Just a general, non-bankruptcy observation/suggestion. If you own property with someone you're not married to, you need to take extra precautions to make sure everyone's interests are protected. As an example, what happens if one of you dies? If you don't have right of survivorship, the share of the house of the person who dies goes to the next of kin which isn't the partner. There can also be huge tax repercussions especially with a house that expensive. When people are married, they can transfer property to a spouse without taxation. Unmarried couples can't. Check your state laws. Maybe even your bankruptcy attorney can help answer some questions or point you to someone who can help you both protect yourselves.