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Attorney T. Lodge
Attorney T. Lodge, Attorney
Category: Bankruptcy Law
Satisfied Customers: 45
Experience:  10+ Years Experience Chapter 7 and Chapter 13 Attorney
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I have a large balloon payment due in march on a house in Wisconsin.

Customer Question

I have a large balloon payment due in march on a house in Wisconsin. Will I lose my house if I file for bankruptcy?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Attorney T. Lodge replied 5 years ago.
Are you considering filing Chapter 13 or 7 bankruptcy?

Also, is this home your primary residence? And if so, how long has it been so?
Customer: replied 5 years ago.
This has been our primary residence for 29 years. We have an income so it will likely be a chapter 13 bankruptcy, but I don't know all the qualifiers for a chapter 7 so we're still exploring.
Expert:  Attorney T. Lodge replied 5 years ago.
How much equity do you have in your home?
Expert:  Attorney T. Lodge replied 5 years ago.
How much equity do you have in your home?
Customer: replied 5 years ago.
Unfortunately with the new appraisals we are underwater - the appraisals were at 280k before and are now at 215k. We owe around 230k, so that's negative 15k "equity" - or none.
Expert:  Attorney T. Lodge replied 5 years ago.
Since you don't have any equity in the property, you don't have to worry about whether or not an excess of equity would be an issue in a Chapter 7 or 13 bankruptcy. Its impossible to tell exactly how much $$$ per month you would have to pay into your Chapter 13 plan per month without seeing a detailed analysis of all of your figures (income, expenses, etc.)

Your $ 50,000.00 coming back from your son's bail may be an issue in bankruptcy in that it certainly exceeds any allowable state or federal bankruptcy exemptions. Depending how much other debt (credit card, medical, etc.) you have, you might be forced to pay all of that back to your creditors through Chapter 13 - or else forfeit a portion of the $ 50,000.00 in a Chapter 7 case.

You are best off consulting with a local bankruptcy attorney who is familiar with local bankruptcy law and procedures. Most certainly it makes sense to explore this well in advance of that balloon payment.

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