Questions about home equity and employment

[shado1021]

Hi everybody. I've been reading here for the past couple of weeks and learning alot. I have had to face reality that my financial situation is ugly enough to consider bk. I will be making some appts. with attorneys this coming week for free consults to discuss Chapter 7. I am married but have been seperated for several years and I plan on filing alone. I do have a couple questions.

I still live in the house my husband and I bought. Both of our names are on the mortgage. I honestly don't know how much equity we have but I know there is some. If I do end up filing (hope so) will I have to worry about exempting the entire amount of equity or just half?

One of the credit cards I have (and will not be paying starting next month) is a Visa through a major retail store. I have read that employers can not discriminate against an employee (as in fire them) just because that employee has filed bk. The thing is...I happen to work for this major retail store. Can they discipline me or fire me if I file bk because their card is definitely going to be on the list. There is no possible way for me to pay it off beforehand.

This whole thing is just making me sick. I don't want to do this. I really don't. But don't have a choice. Nobody to blame but myself.

TIA

[keepmine]

You are entitled to half the equity in your home. That's what you'll exempt.

As to the job situation. If it's a VISa and not a store branded card, just list the bank that issued the card. Your employer may never know.

If divorce is in the picture, you may need to get that situated first. Talk with your lawyer about that as well.

[shado1021]

You are entitled to half the equity in your home. That's what you'll exempt.

As to the job situation. If it's a VISa and not a store branded card, just list the bank that issued the card. Your employer may never know.

If divorce is in the picture, you may need to get that situated first. Talk with your lawyer about that as well.

Thank you for the response. That's good news about the equity.

As for the credit card, this retail chain has their own bank. Last summer I was late making a payment and they sent a reminder notice. I remember there was a sentence in it to the effect "As a (blank) employee, we expect you to...." So they are well aware and have it on record that I work for them. This is not looking good.

[JRScott]

If you are concerned about loss of employment, it might be good to look into options around you. Although they can't fire you for the bk itself, they might look for other excuses such as tardiness, taking to long of breaks, argument etc.

Still do not let that deter you if you need to file bk. There are many here who have lost jobs either shortly before or after filing. So it is not an unusual situation.

[shado1021]

You're right JR. If a place wants to get rid of you they will find a way. They got paid this month but won't be getting any money next month. Nobody else will either. Have to start saving for a lawyer.