Too Much Equity

12-28-2003, 11:39 PM

bamamama

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Too Much Equity

What is the name of your state? Alabama

our home is tax assessed at $123,000 and we owe $95,000. i spoke with an attorney several months ago about the possibilities of bankruptcy and she suggested chapter 13 because of the equity situation of our home. during my visit she also mentioned the possibility of "selling the equity"? I am not sure what she called it, but it sounded like a third party would hold a portion of the equity and we would pay it back over a period of time and we would then qualify for a chapter 7 filing???
Has anyone ever heard of this. She quickly dismissed this notion, for whatever reason.
thanks~

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