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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Due to medical bills, job loss ,etc,my husband and I filed

Customer Question

Due to medical bills, job loss ,etc,my husband and I filed a ch. 13. At the time we were in arrears on our mortgage. Just after filing we qualified for a loan modification which cured the arrears and lowered our payment. My husband had been laid off his job or 20 years due to economy. I was teaching for 26 years but health problems. I can no longer teach.
His unemployment is exhausted as of June 12. I am applying for disability but it's a long process. We are not behind on house payment or payment to trustee but do not know what to do with these new circumstances. we have about 40 thousand equity in the house and two vehicles. (only secured debts). Do we qualify for conversion to ch 7 and if so will we lose our home of 28 years and our two vehicles. That's all we own..no boats, recreational, or hidden treasures? The stress is taking its toll on my health. Any advice or facts would be greatly appreciated.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

You may want to consider dismissing your Chapter 13 instead of converting to a chapter 7 bankruptcy.

Utah has very meager exemptions that you may review at this link:
http://www.bankruptcyinformation.com/ut_exemp.htm

As you can see, in a chapter 7 bankruptcy you are only entitled to $10,000 in equity per spouse in your house


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Customer: replied 6 years ago.
I am new to this program. I had hoped that you would have in cluded your reasoning for dismissing the 13, rather than converting and are there not supplemental federal exempions in addition to the Utah exemptions?
Expert:  Ellen replied 6 years ago.
I suggested that you consider a dismissal since your post did not reference unsecured debt. Additionally you were over exemption on your house and a chapter 7 could result in loss of your house.

Utah has very meager exemptions that you may review at this link:
http://www.bankruptcyinformation.com/ut_exemp.htm

The Federal supplemental exemptions can also be viewed at that link as well as at this link:
http://www.bankruptcyinformation.com/ut_exemp.htm



If you would like additional details concerning my answer, please click REPLY and I will be happy to respond. Do not click relist as it will delay my response.

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