Chapter 7 California- will I lose my home?

[Sara Abrams]

I bought the house 7 years ago for $123,000. According to the online real estate sites it's worth around $240,000 now, but I have no idea how accurate those are. Ex-husband left me in massive debt after divorce- major identity theft, but none could be proven/ no one cared. Anyway, that is what it is. I've always stayed current on mortgage payments, no problem there. But I've barely made a dent- it's all been going to interest and what not. I still owe nearly full amount ($123,000). CA exemption is $100,000. I live here with my two sons, age 9. Do I risk losing the home if I file chapter 7?
I have no actual income at this time. Up until recently I was a preschool teacher making minimum wage, but I am currently trying to obtain my nursing degree. My dad pays my bills and keeps us afloat, but is on a fixed income so we are just getting by.
Bank levy was recently put on my account by a creditor. It was wiped clean.
Also, my ex-husband owes $22,000 in spousal support and child support. I have filed a motion for that, but am not expecting anything (ex is a drug addict and, while he makes a lot, it all goes to drugs and gambling). Even in the best case scenario, if I were to be granted all the money owed to me (again, won't happen, I know), will it just go to creditors?
Any advice is appreciated.

 

[Just Blue]

Px Hx.

 

[Sara Abrams]

Px Hx.

No thank you.

 

[Eekamouse]

I bought the house 7 years ago for $123,000. According to the online real estate sites it's worth around $240,000 now, but I have no idea how accurate those are. Ex-husband left me in massive debt after divorce- major identity theft, but none could be proven/ no one cared. Anyway, that is what it is. I've always stayed current on mortgage payments, no problem there. But I've barely made a dent- it's all been going to interest and what not. I still owe nearly full amount ($123,000). CA exemption is $100,000. I live here with my two sons, age 9. Do I risk losing the home if I file chapter 7?
I have no actual income at this time. Up until recently I was a preschool teacher making minimum wage, but I am currently trying to obtain my nursing degree. My dad pays my bills and keeps us afloat, but is on a fixed income so we are just getting by.
Bank levy was recently put on my account by a creditor. It was wiped clean.
Also, my ex-husband owes $22,000 in spousal support and child support. I have filed a motion for that, but am not expecting anything (ex is a drug addict and, while he makes a lot, it all goes to drugs and gambling). Even in the best case scenario, if I were to be granted all the money owed to me (again, won't happen, I know), will it just go to creditors?
Any advice is appreciated.

Hmmm...I think most everyone here are just too sads to be able to help you.

 

[quincy]

I bought the house 7 years ago for $123,000. According to the online real estate sites it's worth around $240,000 now, but I have no idea how accurate those are. Ex-husband left me in massive debt after divorce- major identity theft, but none could be proven/ no one cared. Anyway, that is what it is. I've always stayed current on mortgage payments, no problem there. But I've barely made a dent- it's all been going to interest and what not. I still owe nearly full amount ($123,000). CA exemption is $100,000. I live here with my two sons, age 9. Do I risk losing the home if I file chapter 7?
I have no actual income at this time. Up until recently I was a preschool teacher making minimum wage, but I am currently trying to obtain my nursing degree. My dad pays my bills and keeps us afloat, but is on a fixed income so we are just getting by.
Bank levy was recently put on my account by a creditor. It was wiped clean.
Also, my ex-husband owes $22,000 in spousal support and child support. I have filed a motion for that, but am not expecting anything (ex is a drug addict and, while he makes a lot, it all goes to drugs and gambling). Even in the best case scenario, if I were to be granted all the money owed to me (again, won't happen, I know), will it just go to creditors?
Any advice is appreciated.

Have you considered selling the house?

 

[Sara Abrams]

Have you considered selling the house?

Right now my mortgage is $820, which is dirt cheap for California. If I have to move, my only chance would be out of state, and then I'd be far away from family. Very difficult for a single mother. But I take it the answer is, yes, my house can be taken? And if that is the case, then I would get $100,000 (amount of exemption) and the rest would be given to creditors? Am I interpreting this correctly?
Thanks for your responses so far.

 

[quincy]

Right now my mortgage is $820, which is dirt cheap for California. If I have to move, my only chance would be out of state, and then I'd be far away from family. Very difficult for a single mother. But I take it the answer is, yes, my house can be taken? And if that is the case, then I would get $100,000 (amount of exemption) and the rest would be given to creditors? Am I interpreting this correctly?
Thanks for your responses so far.

Exemptions apply to the equity in an asset. I don't know if you would be at risk of losing your house or other assets or not if you file for bankruptcy.

I think you would benefit from sitting down with a bankruptcy professional in your area to go over all of the numbers.

FreeAdvice has a member who is a bankruptcy attorney and you could check back to see if "despritfreya" has noticed your thread and has had time to respond.

 

[despritfreya]

Unfortunately I cannot be of real assistance as I am not all that familiar with California's exemptions. There are two separate exemption that a debtor can elect. The one under CCP 703 is only about $29,000. The one under CCP 704 is between $75,000 and $175,000 depending upon age, marital status, dependants. OP needs to discuss with a local bk attny.

OP, if you cannot fully protect the home then consider filing a Chapter 13 instead. Discuss this with an attny in your area. Consultations are usually free or very low cost.

Des.

 

[Sara Abrams]

Unfortunately I cannot be of real assistance as I am not all that familiar with California's exemptions. There are two separate exemption that a debtor can elect. The one under CCP 703 is only about $29,000. The one under CCP 704 is between $75,000 and $175,000 depending upon age, marital status, dependants. OP needs to discuss with a local bk attny.

OP, if you cannot fully protect the home then consider filing a Chapter 13 instead. Discuss this with an attny in your area. Consultations are usually free or very low cost.

Des.

Thank you all.