Chapter 7 questions


K

kernel245

My wife and I are seriously considering Chapter 7 within the next few
months. I do have some questions on what we will be able to keep. We would
like to stay in our current home. We have between 8 - 10% equity in our
home (depending on what an appraiser would come up with). It is currently
assessed around $150,000. We have a 15 year old car that is paid in full
and a 6 year old Camry that will not be paid off for another 2 years (the
market value is at best equal to the payoff). I personally have 13 years in
a pension with my former employer. My wife has a small amount in a 401K
with her former employer. Our situation was started by my wife loosing her
$65,000/year job. We were bringing in around $100K a year. We will be
lucky to bring in $55K for the foreseeable future. We are current with all
our major payments for now.

Do we need to liquidate our equity or retirement plans ? We reside in IA.
 
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J

John

What you are able to keep and what you have to sell depends on your
state. Each state sets it's own monetary limits on these things, so you
should contact a bankruptcy attorney in your area to discuss this.

Retirements plans, as I understand, may be exempt. Again, it's best to
check with an attorney on this. Initial consultations are usually free
and the fees, should you wish to proceed, vary depending on where the
attorney is based and how many creditors you have.

Filing fees for a Ch. 7 are $200.

J.
 
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R

Robert Stumpf

Chapter 7 will be $209 as of Nov 1. Not a big difference, but...

--



*****

Rob Stumpf, Esq.

Stumpf and Ginter, Attorneys at Law
Practicing Bankruptcy in NY and NJ

visit us at www.online-law-firm.com
or email (e-mail address removed)


Disclaimer: No email or newsgroup communication is to be construed to
establish any sort of an attorney-client relationship, is not legal advice,
and is not a replacement for the advice of a competent attorney in your
jurisdiction.
 

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