Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1) What is the current market value of the house?
2) What is the balance on the mortgage?
3) Have both of you contributed approximately equally to the house (downpayment, mortgage payments, property tax payments, etc.)?
4) Are you currently living in the house?
5) Have you lived in Virginia continuously for the past 2 years? If not, where have you lived for the past 2 1/2 years?
The current market value I believe is now $235,000.
The current ballance on the house is $229,000.
We have both contributed APPROXIMATELY equally to the home.
We both currently live in the home together, although WE are no longer together. However, she moved out of the home Aug 2010, but decided to move back in Feb 2011 and there was nothing I could do to stop her. While she was gone, she did NOT make ANY mortgage payments. However, when I filed taxes for 2010, she gave me back the equivalence to make up for the mortgage she missed from Sept 2010 thru Dec 2010.
The only months that are still unaccounted for are Jan and Feb 2011.
I have lived in Virginia continuously for several years.
Since the exemption for your home is $5,000 in Virginia, and given the information you provided, filing a Bankruptcy would not affect your home.
(Actually, after subtracting 5% cost to sell ($11,750) from the market value of your home, your home has no equity.)
I think this is what you wanted to know. If not, please let me know.Thank you!