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Guru_Guy
Guru_Guy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2418
Experience:  Years of experience providing advice on bankruptcy and other alternatives to debt problems.
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We live in NC...we own our home, mortgage free...we were trying

Customer Question

We live in NC...we own our home, mortgage free...we were trying to start a home based business, and have not been able to get it off the ground. We have amassed approximately $75K in unsecured debt...Our home is valued at approximately $97,000...what would happen if we were to file BK?
Submitted: 5 years ago.
Category: Bankruptcy Law
Customer: replied 5 years ago.

Angier, North Carolina


Already Tried:
We have tried working with the creditors, but honestly they want more money than we have. I work a full time job and earn approximately 22,000 per year...my husband is on SSI and Medicaid due to a disability.
Expert:  Guru_Guy replied 5 years ago.
Hello,

Different States have different exemptions for real property. In North Carolina, the first $10,000 in home equity can be exempted. This means, if your home is worth $97,000, you would have to take out a mortgage to repay the debts. Since you have enough equity to repay the debts, bankruptcy probably does not makes sense for you. You would be better off seeing if you could negotiate the debt down a little, then take out a mortgage to repay the debts.

If you are interested, you review a list of the NC bankruptcy exemptions here:

http://www.northcarolinabankruptcylaw.com/exemptions.html

I hope this answers your question.   

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Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.

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