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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I was in a 6+ year relationship with an individual in which

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I was in a 6+ year relationship with an individual in which we purchased a home together. We also acquired joint debts together. Well, the relationship has been over for a lil over a year, and I have been struggling to get a handle on bills that seem impossible to catch up on. I feel like I need to explore the options of filing for bankruptcy, but I don't know how this will affect the joint home that we currently have. Side note.....I have recently informed the other owner that I wish to sell the house, but we both know that this will take some time to do. In the meantime, my credit keeps going lower and lower and the stress is growing more and more.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

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?

Customer: replied 5 years ago.

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.

Expert:  cfortunato replied 5 years ago.

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!


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