How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

Hi We are downsizing and intend to move to a cottage place

This answer was rated:

Hi We are downsizing and intend to move to a cottage place in MS permantely and file chapt 7 on our home in Oh , credit cards etc. both retired lost a lot in stock market IRA's etc. To much going out not enought coming in.
Does this lok like it will work out for us? thanks

Hi JACustomer,

1) What is the current market value of your home?

2) What is the balance on the mortgage(s)?

3) Were you planning on buying a home in MS, or renting a place? If you are planning on buying a home, what will you be using as a downpayment?

4) Do you have any substantial assets that could be taken by a Bankruptcy court - bank accounts, car, etc.?

Customer: replied 5 years ago.

It has dropped 30 % to 63000.

mort 49000 2nd 17000

We purchased a fannie may repo last year and are cleaning it up and slowly moving in. have water pO Box bank account electric in MS We used IRA funds from Donnas IRA OPienheimer funds thru CUSO at Wright Patt credit union.

Not much a an Old 79 Mercedes that quit running and old 82 RV that I was redoing that also is running bad. A 2001 4 runner that paid for and a 2006 Toy camry that has a 7900 balance. And the normal clothng furniture an stuff from 30 or 40 years of collecting. Not much of significant Value. Thanks Terry






If you move to MS, you will still have to use the Ohio Bankruptcy exemptions - until you have lived in MS for at least 2 years. Ohio allows a $20,200 exemption for the homestead. (MS allows $75,000.)

So, as long as the home in MS has less than $20,200 equity, filing a Bankruptcy does sound like a good idea, and if done, should be done either 1) before the equity in the home in MS builds to over $20,200; or 2) if the equity is already over $20,200, then after having lived in MS for at least 2 years (and before the equity builds to over $75,000).

Edited by cfortunato on 2/7/2011 at 2:57 AM EST
cfortunato and other Bankruptcy Law Specialists are ready to help you