My husband and I are faced with reality of filing bankruptcy. We live in NC and our income falls right below the median income. If we complete the means test we show $-4.89 disposable income. We were forced out of a business last year--why we are $100K in unsecured debt. We moved to different part of the state to start over but my husband did not find a job as quickly as we hoped nor is he making what we had hoped. We sold our house last July and paid off what we could and pur some aside for living expenses to carry us through.
In November 2006 we purchased a home. My dad loaned us the money for the down payment and we have a recorded deed of trust and a promissory note for the amount ($56K), payable to him. We actually have no equity. In addition, he just bought us a car, we are having to let our other two go b/c we were way upside down. At the time we had not thought about bankruptcy. He paid $17000 for the car and put it in my husband's name--however, he holds the lien on the title and we have to pay him back. How problematic are these issues going to be. We are scheduled with an attorney next week but in the mean time the creditors are starting to his us hot and heavy and we want to know if a BK 7 or 13 is going to be possible and us keep the one car and the house. TIA!
In November 2006 we purchased a home. My dad loaned us the money for the down payment and we have a recorded deed of trust and a promissory note for the amount ($56K), payable to him. We actually have no equity. In addition, he just bought us a car, we are having to let our other two go b/c we were way upside down. At the time we had not thought about bankruptcy. He paid $17000 for the car and put it in my husband's name--however, he holds the lien on the title and we have to pay him back. How problematic are these issues going to be. We are scheduled with an attorney next week but in the mean time the creditors are starting to his us hot and heavy and we want to know if a BK 7 or 13 is going to be possible and us keep the one car and the house. TIA!
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