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I see from your post that you were in a near-fatal automobile accident in May of 2008, and about a year later (last year, 2009, no month stated) bought a condo in the thriving town of North Fort Myers, FL. It appears that you are a resident of New Hampshire.
I don't see an explicit question, but since the localized elements of what assets are "exempt" in bankruptcy always limits houses to the one the debtor lives in, I can tell you that if there is any "equity
" in the condo, the bankruptcy Trustee
will be very interested in taking that condo and selling it for the benefit of the creditors.
If you want to keep the condo and it has equity, you would need to move to Florida, file in the FL BK District nearest, but current BK law would require you to use the exemption scheme of NH.
If you want to keep the condo and the loan is "under water", you could just re-affirm on the debt. The lender would be delighted, and it is very rare for anyone to care about that type of event.
All this presupposes a Chapter 7
liquidation case, the most common consumer BK. In a Chapter 13
, it would be almost unheard of for a debtor to be allowed to keep a condo that is NOT the primary residence, when the loan is under-secured. Chapter 13 involves a 5-year repayment plan
, and keeping a non-residence property would only drain the monthly budget to the disadvantage of other creditors.
I do not see how the prior car wreck would be relevant to anything happening in a bankruptcy case. The BK Trustee and the creditors only care about the "reason" for filing BK if it is somewhat bogus, such as deciding to quit a well-paying job to become an impoverished underwater basketweaver.
Edited by Brent Blanchard on 11/9/2010 at 1:07 AM EST