I live in WA state. Filing chapter 7 with my soon-to-be-exh I have exemption questions:
1st question: We have a $40K homestead exemption and a 2 car $5000 exemption. We have a house with $280K loan + selling costs could bring it to anything ove $305K is proceeds. We can *possiably* can sell it quick for $345K. After the sell, we *may* have $40K or less. I can no longer make the payments, so at the time of the sell, we will be past due. Do we get to keep that $40K cash due to the homestead exemption? Will they subtract the past due payments from the $40K? Is this a mute point, since if I BK the house, I walk away and I don't need to bother with a realitor. If I go down, I want to try to go down with some dignity and sell it (or let the neighbors think I'm selling it by choice). I think at $345K we can sell it in a month or two (WA market)
2nd question: Since I am now going to BK my house, can I keep my tax returns and car money? They want all my tax return money $4400 and they want all the rebate check $2100. Plus, they want $1500 per car (2 cars with that much equity). And my attny wants 3 hour retainer for more time on my case after the 341 hearing. At least I get to keep my mothers pearls (she died 5 years ago and it's the only thing I have left of her... she loved me and she wanted *me* to have the most valuable thing she had! I'm so glad I didn't loose them!... I believe tho, this fell under the personal exemptions)
My soon-to-be-exh is falling apart. He's just caving and I'm trying to make the best decisions possiable for both of us... so LOTS of pressure! He's ready to just give up his car, cuz he has no money. He said he will not pay the bk attny any more money and he is no longer paying on the 2nd mortgage!, yet saying he's doing the best he can. I'm a horriable care-taker of him, so I am resistanting trying to figure out a way to have him keep his car, and I think BK'g the house could resolve having to pay for the car, with money neither of us have. Do you think I'm correct in my thinking here, or is there no way around paying $1500 for each car. I know if he gives up his car, I won't have to pay for the $1500 for my car, but I would just feel horiable (he's still my kids dad, for petes sake).
Should I pay my bk attny the 3 hours, or do it myself?
I am not sleeping any more... I had 3 hours last night! So I'm tired and can't think well yet I need to find out the right path. I can't get to the best outcome if I don't take a few steps to get there, so any help is MUCH appreciated!!!! Thinking of getting on anti depresents.
Jennifer
1st question: We have a $40K homestead exemption and a 2 car $5000 exemption. We have a house with $280K loan + selling costs could bring it to anything ove $305K is proceeds. We can *possiably* can sell it quick for $345K. After the sell, we *may* have $40K or less. I can no longer make the payments, so at the time of the sell, we will be past due. Do we get to keep that $40K cash due to the homestead exemption? Will they subtract the past due payments from the $40K? Is this a mute point, since if I BK the house, I walk away and I don't need to bother with a realitor. If I go down, I want to try to go down with some dignity and sell it (or let the neighbors think I'm selling it by choice). I think at $345K we can sell it in a month or two (WA market)
2nd question: Since I am now going to BK my house, can I keep my tax returns and car money? They want all my tax return money $4400 and they want all the rebate check $2100. Plus, they want $1500 per car (2 cars with that much equity). And my attny wants 3 hour retainer for more time on my case after the 341 hearing. At least I get to keep my mothers pearls (she died 5 years ago and it's the only thing I have left of her... she loved me and she wanted *me* to have the most valuable thing she had! I'm so glad I didn't loose them!... I believe tho, this fell under the personal exemptions)
My soon-to-be-exh is falling apart. He's just caving and I'm trying to make the best decisions possiable for both of us... so LOTS of pressure! He's ready to just give up his car, cuz he has no money. He said he will not pay the bk attny any more money and he is no longer paying on the 2nd mortgage!, yet saying he's doing the best he can. I'm a horriable care-taker of him, so I am resistanting trying to figure out a way to have him keep his car, and I think BK'g the house could resolve having to pay for the car, with money neither of us have. Do you think I'm correct in my thinking here, or is there no way around paying $1500 for each car. I know if he gives up his car, I won't have to pay for the $1500 for my car, but I would just feel horiable (he's still my kids dad, for petes sake).
Should I pay my bk attny the 3 hours, or do it myself?
I am not sleeping any more... I had 3 hours last night! So I'm tired and can't think well yet I need to find out the right path. I can't get to the best outcome if I don't take a few steps to get there, so any help is MUCH appreciated!!!! Thinking of getting on anti depresents.
Jennifer
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