Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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.?
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).
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).