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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have been working with Bank of America for the past 13+ months

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I have been working with Bank of America for the past 13+ months on getting a deed in lieu transaction closed on an investment property. A very intricate situation...don't think there's any reason to go into the details here...other than to say the frightening, although not surprising, incompetence of the BofA folks have cost me countless months and dollars.

Earlier today, I learned the mortgage insurance company wants me to sign a promissory note for $18,000, payable to them over 6 years. NO!!!

Against that backdrop, I am considering personal bankruptcy, if the mortgage insurance company doesn't accept my counter offer.

The only debt I have is the mortgage on this property in question, and the associated HOA fees (I've been paying enough each month to keep a lien from attaching to the property.) I own (have a mortgage on) the property in which I reside, own my car, and have some money in the bank, and some investments. I also own my own, struggling business (an S corp.)

UNDER FLORIDA STATE LAW: If I file personal bankruptcy to avoid having to pay the greedy mortgage insurance company after this whole debacle, does ANYONE have the ability to take the property in which I reside, any of my "stuff" or any of my money?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

1) What is the current market value of your car? What is the balance - if any - of the car loan?

2) Does your business have a market value? (Could it realistically be sold and operated without you?) If so, what is the market value of your business?



Edited by cfortunato on 2/2/2011 at 1:03 AM EST
Customer: replied 3 years ago.

1) I outright own the car...there's no note on it. Market value? Not sure...maybe $25K?

 

2) My business does not have any market value....it's a marketing/writing/editing services business, so the only value is my own capabilities and expertise.

Expert:  cfortunato replied 3 years ago.

I think this is what you wanted to know. If not, please let me know.
Thank you!Given the information you provided, if you filed a Bankruptcy, you would be able to keep your home, as long as it is on less than 1/2 acre if in a municipality, and on less than 160 acres if not in a municipality. This is regardless of any equity you may have in the home.

However, you would have to give up your car, as you are allowed to keep a car worth up to $1,000.

Additionally, you would be allowed to keep only $1,000 of any other assets, including bank accounts and/or investment accounts.

Here is the complete list of Bankruptcy exemptions available to residents of Florida:

http://www.bankruptcyinformation.com/FL_exemp.htm.

However, in addition to the exemptions on the above link, there is a recently enacted one that does not yet appear at that link, which is that you can now exempt an additional $4,000 of any property if you will not be using the homestead exemption - which would be the case if the balance on your home mortgage is greater than the market value of your home (so that there is no equity to protect with the homestead exemption.

 

I think this is what you wanted to know. If not, please let me know.

Thank you!

Customer: replied 3 years ago.
Just to clarify....I would need to become completely insolvent (give up my car and my life savings) in order to keep those greedy so and so's at the mortgage insurance company from taking what is an outrageous sum of money?
Expert:  cfortunato replied 3 years ago.
Yes - it looks like you owe the mortgage insurance company more than what you would be able to protect in a Bankruptcy, so that Bankruptcy will not help you.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 3 other Bankruptcy Law Specialists are ready to help you

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