chapter 7 exemptions

[dan]

I'm filing jointly with my wife for chapter 7 in north carolina. We have no assets!! Could you clarify the "homestead" and "personal property" exemptions...we are filing ourselves and are having difficulties!!! Is it possible to get all our belongings discharged? under the fresh start program?????????
we have a mortgage of $64,500 with only $3,400 worth in intrest; less than $5,000 worth of household furnishings and one car worth $1,000 !!
PLEASE HELP!!!!!!!!!!!!!!

 

[Attorney_Replogle]

Sir, I would strongly urge you to read the bankruptcy topic at this web site. It is very useful to non-lawyers. You will find a lot of good information for your question at page 7 there. Also, I would strongly urge you to seek out the services of a NC bankruptcy attorney. You can find one at this web site. Understand that exemptions will vary from state to state, while the federal exemptions are the same for everybody from state to state. Which is better for you is hard to say. Moreover, since I am licensed in California only, I could not advise you specificially. Last, please understand that it may well be that you can continue to stay at your home and the bank would go along with that plan. It depends on how you file the bankruptcy papers. Basically you would be reaffirming a debt. Whether it is best to notify the bank before the filing of the papers, that is something your attorney will advise on. My best to you and your wife.

------------------
Mark B. Replogle

 

[nordak]

I had a similar situation in Florida. It seems that the state and federal lays rub against each other in this area. I do know there a papers to be filed declaring and validating the homestead. I might be prudent to check your state requirements such as filing your homestead exemption with the property appraiser., and others at the federal bk level to protect yourself. Be sure you can prove permante residence and intent to occupy full time, and document any dependants living with you. You might check tenancy by entirety laws in your state or research apellate decisions in some of the Allnut v U.S cases. The Bankruptcy court took my 30 grand in equity to satisfy a 2 grand debt! Cover yourself quickly, research fraudulent transfer, living estate,priorut
and any other means to keep unsecured claims from taking your secured property. If its between you and your lender, you should probably work it out with them before the discharge.