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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33779
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I should have been asking about the statement of current monthly

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I should have been asking about the statement of current monthly income and means-test calculation. It gives the option of filing: 1) unmarried 2)married not jointly maintaining separate residences ( does not require disclosing spousal income or compensation, 3) married maintaining same household requiring full disclosure of spousal income yet not to list debt, 4) married filing jointly. I am trying to sort through all this and decide what is best. The bankruptcy issue is recent news to me. ...no attempt to move assets or hide anything. There's no equity anywhere anyway...just debt. I personally have the separate residence purchased Sept. 2007 (60 miles away near my son's school), my practice and building (debt) what's left of a retirement fund and educational fund, and a $300,000.00 rental home ( now vacant)... that's it...all else is debt. Jointly we have a primary residence purchased 11 years ago (no equity)and lots of bank stock loans ( no value...in fact one of them has recently failed and closed. Singularly my husband has 15 properties and 18-20 with a partner ( who will also be filing). The local banks have foreclosed on so many properties and have resold properties for less than .50 on the dollar...killing our property values. Our primary residence is now worth half of what we owe on it. A home in our neighborhood that sold 2 yrs ago for $900,000.00 recently was sold by a bank for $275,000.00. How can one compete with that?? I am a very private person and would like to stay out of this situation if at all possible. I hope to come out of this with my pride intact maintaining my reputation and integrity if at all possible. I have worked very hard to arrive at this low point at the stage in my life that I was hoping to be able to slow down. I appreciate your opinion.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 5 years ago.

Based on the new facts, I'd say you and your husband may want to file a joint bankruptcy and just unload all the debt so you can start over. I know professional practitioners who file Chapter 7 to get rid of huge debt loads. The fact that they have income does not prevent this because their debt is so much greater than their income.

 

Find a local bankruptcy attorney and give him/her all your financials and see how it shakes out.

 

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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33779
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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