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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I want to file for a chapter 7 bankruptcy to discharge about

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I want to file for a chapter 7 bankruptcy to discharge about $30,000 debt on two credit cards. I am 73 year old retired Michigan resident. My only income is a State of Michigan pension, Social Security Retirement (annual total is about $36,000, pre-tax), and an annual mandatory distribution of about $4,000 from a tax-qualified government 457 plan (present value of which is just under $100,000) which I use to pay my income tax. Our home is a condominium which is, and always has been, solely owned by my wife, who would not join in the bankruptcy. Assuming I have no non-exempt assets , except a resort condominium owned jointly by me and my wife, upon which the mortgage payments are and always have been current, can one of the credit card creditors force a sale of the resort condo, in order to reach our equity as a source of recovery?

Hello,


Thank you for your question. I am happy to assist you.


You appear to have done a very thorough analysis of your situation.


The resort condo appears to be exempt from creditor claims if the following conditions are met:

1. The condo is held as Tenants by the Entireties;

2. You are solely liable for the debt in question, your wife has no liability; and

3. You choose the Michigan exemptions as opposed to the federal exemptions.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


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Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
Even if our payment history has been, and still is, perfect, from the inception of the mortgage 2 1/2 years ago until now, is it nonetheless possible the mortgagee could feel apprehensive and proceed to foreclosure (assuming the mortgage instrument does not grant that power)? Or take any other adverse action?
Hello,


No it is not possible for the mortgagee to call the loan UNLESS you default. It would be against federal law to do so.


I hope that this information has helped you.


If I can be of assistance in the future, please ask for FLAandNYLawyer.


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THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Ellen and other Bankruptcy Law Specialists are ready to help you