Florida | Bankruptcy
Legal Question
BANKRUPTCY QUESTION:
I am 12+ months delinquent on my mortgage payments. I have ZERO equity in the house. My car is worth less than 1000 dollars (paid for). I have about $15,000 dollars in unsecured credit card debt. I own nothing of value (i.e. jewelry, art, etc); have no savings; living basically from month to month on disability which I've been on for 20 years. I believe I'm eligible to file for bankruptcy.
My basic understanding is that, by law, I get to "keep" my home, car, possessions & clothes.
The "comps" estimated value of my house is about $210,000 and my outstanding mortgage debt is $196,000 which is more or less the amount the bank (chase) owned me.
My monthly NET income is $4250; with approximate Living expenses of $2500/month. I can easily write at least a 4-page "hardship" letter to document "falling behind".
Any thoughts on whether I'd qualify for a Chapter 7 vs a Chapter 13 filing?
In the end, assuming I get a discharge; who ultimately "OWNS" the house? Me? The bank?
BTW, I'm nearly 57 years old and not in the best of health. If in fact I get to "keep" the house, would I able to sell it in 10 years or does the bank just get it?
Assuming I get a discharge, will I be responsible for reassuming mortgage payments, regardless of chapter 7 or chapter 13?
Basically, my ultimate question is this: who OWNS what after the bankruptcy has been cleared?
Thanks for any help you can offer me.
K.M.
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Read More Answered By: Carol Lawson |
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