Judgements

In north carolina I currently have two judgements against me for unsecured credit cards. Since this, due to wife job, we have moved to kentucky. My question is as follows and would appreciate any insight.

1. Can i still file bankruptcy with judgements?

2. How long must i live in kentucky before i can file there or do i need to file in NC.

3. Should I wait until my home in NC is repossesed and sold before filing bankruptcy (if i can) to add in the amount that will be lost on the sale. House was bought with FHA loan.

4. Am I completely up *** creek?

thanks

thanks ladynred, any senior members who could give me added clarification? thanks

[Ladynred]

1) Yes, you can file with judgements already against you . However, it will probably take some extra legal fees to have the judgements vacated once you get your bankrupty discharge.

2) Residency requirements is 6 months to file in a new state.

3) A foreclosure and subsequent sale could take up to a year or more, depending on the mortgage holder and the housing market the area. I had a house in SC that I could not sell for over 8 months. I let the bank have it back, that took another 6, and then it took the bank another 8 months to actually sell the house. The housing market in that area of SC was lousy for older homes. I almost had to laugh when even the BANK couldn't get a buyer for the property ! I was lucky, the bank waived its right to a deficiency judgement, and the house sold for slightly more than what I owed the bank, so there was no deficiency anyway.

So, if you think you can hang on until the foreclosure/sale process gets done, then go ahead and wait. If there is a deficiency judgement issued after the house is sold, I believe you can include that in the bankruptcy (Sr. Members, am I right ??)


4) I don't think so... the only thing to find out (see a lawyer) is what your options are concerning the house.

One additional piece of info i forgot to mention above that i was wondering if it has any importance.

The house was bought under a FHA loan. I have been paying $20.00 a month extra for the default insurance, so if someone could explain how that affects my above post in NC. thanks )

Any other advice or has ladynred hit it on the head. thanks

[Ladynred]

Have you tried asking about the FHA default insurance thing in the Real Estate forum ? They might have a better idea of how that works.

Just an idea...