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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15835
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am in the middle of a federal govt disability claim, havent

Customer Question

I am in the middle of a federal govt disability claim, haven't been paid (on leave without pay) in a year, owe my folks about 40k, 30k to my 401k, 15k credit cards. I am planning on selling my house, which should net me about 30-40k.    I asked my mortgage company for a 6 month abeyance and they said since I have no income they couldn't do anything (even though I've never had a late payment in 17 years). It will be 6 months to a year before I am able to work.
Should I declare personal bankruptcy? The mere thought of it makes me shudder, and wonder if I'll ever get a job when they see that on an application (I'm a strategic planner/facilitator)
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.
IF YOU FILE A BANKRUPTCY ALL YOUR DEBTS WOULD BE GONE AND YOU COULD GET SOME OF THE EQUITY IN THE HOUSE BACK USING THE VIRGINIA HOMESTEAD EXEMPTION.

IF YOU WANT TO KEEP YOUR HOME, AND DO NOT WANT TO FILE BANKRUPTCY CONSIDER LIVING IN IT UNTIL A FORECLOSURE BEGINS AND LITIGATE THE MATTER, IT WILL GIVE YOU 6 MONTHS TO A YEAR.

HOPEFULLY YOU WILL HAVE MONEY TO PAY THE ARREARS AND THE MORTGAGE THEN. YOU MAY WANT TO CONSIDER DISCUSSING THE DISABILITY CLAIM WITH YOUR LAWYER AND SEE WHY IT WOULD BE TAKING SO LONG AND IF THEIR ARE ANY STATE DISABILITY CLAIMS YOU CAN MAKE

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15835
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.

I'm not familiar with the virginia homestead exemption?

 

I plan to move anyway so will sell the house whether I declare bankruptcy or not.

What is the long term implication of declaring bankruptcy (how long will it haunt me)? I'd like to buy a house in 6 months or so after we move to TN but assume I'd need a co-signor if I declare bankruptcy? And I have a 4 year old who will need loans to go to college in 14 years.

Expert:  WALLSTREETESQ replied 5 years ago.
THE BANKRUPTCY WILL HURT YOUR CREDIT, AS OF NOW IT MAT BE FAIRLY GOOD. IT WILL BE ON YOUR REPORT FOR 7-10 YEARS.

IF YOU DO A BANKRUPTCY OR NOT YOUR CREDIT WOULD BE HURT AS YOU CANNOT PAY YOUR DEBTS.

ou can choose one of two "exemption schemes" in Virginia, whichever best suits your circumstances.

Under the first exemption scheme, from federal bankruptcy laws, you can keep:

    * Your home, including co-op or mobile home, to $20,200
    * Life insurance payments for person you depended on, needed for support
    * Life insurance policy with loan value, in accrued dividends or interest to $10,775
    * Unmatured life insurance contract, except credit insurance policy
    * Alimony, child support needed for support
    * Pensions and Retirement Benefits, ERISA - qualified benefits needed for support
    * $525 per item in any household goods up to a total of $10,775
    * Health Aids
    * Jewelry to $1,350
    * Lost earnings payments
    * Your motor vehicle to $3,225
    * Personal injury compensation payments to $20,200, wrongful death payments, crime victims' compensation, public assistance, social security, unemployment compensation, and veterans' benefits
    * Tools of trade up to $20,200
    * Wild Card - $1,075 of any property plus up to $10,125 of any amount of unused homestead exemption

Married couples may double the amount of the federal exemptions.

If you choose the second exemption scheme, under Virginia bankruptcy laws, you can generally keep:

    * Your home, if you do not have more than $5,000 plus $500 per dependent in equity in the house (today's value less costs of sale less payoff balances on all liens and mortgages)
    * One motor vehicle, if you do not have more than $2,000 in equity (today's value less costs of sale less payoff balances on all liens and mortgages)
    * Wedding and engagement rings
    * Family portraits and heirlooms, up to $5,000 in total value
    * The family Bible
    * A burial plot and any pre-need funeral contract, up to $5,000 in total value
    * Clothes, up to $1,000 in value
    * Household furnishings, including beds, dressers, rugs, appliances, sewing machines, pots and pans for cooking, plates and eating utensils, up to $5,000 in total value
    * Pets
    * Professionally prescribed health aids
    * Tools, books and instruments of your trade, including motor vehicles, up to $10,000 in total value
    * Farmers' equipment, including a pair of plow animals with gear; a wagon or cart; a tractor, up to $3,000 in value; two plows, one drag, one harvest cradle, one pitchfork, one rake and two iron wedges; fertilizer and fertilizer material, up to $1,000 in value
    * Military uniforms, arms and equipment required by law or regulations
    * Personal injury and wrongful death causes of action and proceeds
    * ERISA-qualified pension benefits, up to $17,500 per year
    * Public employee pensions
    * Industrial sick benefit insurance
    * Group life insurance benefits
    * Cooperative life insurance benefits
    * Burial society benefits
    * Fraternal benefit societies benefits
    * AFDC and aid to the blind, aged and disabled
    * Crime victims', unemployment and workers' compensation
    * Disabled veterans are entitled to a special exemption, up to $2,000
    * At least 75% of your earned but unpaid wages

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