Home     Law Advice     Insurance Advice     Community    
Consumer Bankruptcy : Chapter 7, Chapter 13, Protection From Claims of Creditors
Go Back   FreeAdvice Legal Forum > BANKRUPTCY AND CONSUMER CREDIT > Consumer Bankruptcy
Reload this Page What about our house?

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 09-16-2005, 12:52 PM
Junior Member
  
Join Date: Sep 2005
Posts: 2

What about our house?

What is the name of your state? Pennsylvania I am getting ready to finish my chapter 7 before all of the laws change over. My husband and I bought a house about 3 years ago. He is on the loan first. I was told that as long as we were current on our loan that we would be fine. We wouldn't have to worry about anything else? Does anyone have any information on this? I just want to make sure that everything will be okay for us. We have three children and I don't want to lose our home. Thank you.
  #2  
Old 09-16-2005, 12:55 PM
Senior Member
  
Join Date: May 2001
Posts: 6,455
What sort of equity do you have in the home and how does that relate to the exemption in your state?
  #3  
Old 09-16-2005, 01:08 PM
Junior Member
  
Join Date: Sep 2005
Posts: 2
PA

I honestly don't know. As I said, we have only lived here for 3 years. So I'm sure there isn't much, if any. We have a very small home, in a very lower middle class area. So, I don't know if that helps any or not. I think the lawyer said something about I could reconfirm our loan, but she didn't think we should do that. She said as long as we just kept making payments, then every thing would be okay. I just worry, what if we are behind, or become behind on payments?
  #4  
Old 09-16-2005, 02:27 PM
Senior Member
  
Join Date: May 2001
Posts: 6,455
This is something your attorney will need to know? Any idea what similar houses are selling for in your neighborhood?
No, don't reaffirm. Just keep paying. If for some reason you default post bk then you are not liable for any deficiency if you've not signed a formal reaffirmation agreement.
  #5  
Old 09-16-2005, 04:20 PM
Senior Member
  
Join Date: Oct 2004
Location: Phoenix, AZ.
Posts: 3,079
Sounds like you need to get a better BK attorney...

This is the type of question your attorney SHOULD know, not "think you should"... "she didn't think we should"

It does not matter where the house is located, nice area, bad area, as long as you stay within the states allowed exemptions, you will be okay... For example if your state has an exemption of $30k, and your house's equity is at $45K, guess what? Goodbye house... regardless of on time payments...

You BK attorney SHOULD KNOW, and in fact SHOULD have ALREADY looked into that for you... That should've been the first thing she did...
__________________
Tenant Advocate

"Alaska landlord" has been permanently banned for providing inaccurate, misleading & potentially dangerous advice. Any of AL's previous posts should be heavily verified by a competent Real Estate Attorney.

Quote:
Originally Posted by Number21 View Post
Alaska landlord, please don't reply further to my thread, you'll just turn it into another pissing match.
Quote:
Originally Posted by Alaska landlord View Post
As tenants, you have no credibility.
Quote:
Originally Posted by Alaska landlord View Post
The landlord should not only be allowed to turn off the water, but he should also be allowed to throw OP into the street.
  #6  
Old 09-16-2005, 06:04 PM
Senior Member
  
Join Date: Feb 2002
Location: Nashville,TN
Posts: 15,706
Is your house deeded as 'tenancy by entirety' ?? If so, its very likely completely exempt per PA law anyway.

Call a real estate agent and get a 'walk away' selling price on your home. The subtract normal selling costs from that number. Then you subtract the total of your mortgage and what's left is your equity.
__________________
"Knowledge is Power - use it as you see fit !

I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 09:10 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.