Re: Dual debt family woes

Posted by WHY CHAT (209.240.198.61) on March 02, 2003 at 18:48:58:

In Reply to: Dual debt family woes posted by No Hope Left on March 02, 2003 at 17:06:34:

You say you have $25,000 in equity? Is that at market value or assessed value?

You probably need to declare BK ch7. You COULD try to tough it out, but you would be fighting one lawsuit after another.and even though there is no salary/wage garnishment in SC -your bank accounts etc. would be always at risk.

I don't think you can lose your home, as you have $10,000 exempted equity-(double $5,000) and that would be based on ASSESSED VALUATION- less costs etc. Your car lease can be reaffirmed,as can your mortgage.
I suggest you pay off any small cc accounts like gas cards or store credit cards that you can,stall the cc companies with whatever you can come up with, DO NOT tell them what the cash advances were used for, or they might go after your folks!

Consult with a BK lawyer, but do not file until at least 60 days after the credit cards you want to keep are paid off and put away (NO USING) until 60 days after your final discharge.

When it is all over, I urge you to get some documentation from your folks on the loan you gave them.

I do NOT suggest you refer to this as anything but a "gift" to them, (and report it properly on your tax returns) unless and until you are out of danger on the transaction, and completely discharged + 60 days.

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