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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have been trying to sell my formerly primary residence condo

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I have been trying to sell my formerly primary residence condo in Florida, after losing my job five years ago. I relocated to Texas got a good job, purchased a house (in Texas), but have not been able to maintain both properties. My realtor has received at least 6 shortsale offers over the past 3 and a half years (for the Florida condo) BOA holds the first mortgage, Chase the 2nd Chase has not been willing to release the lien, and I feel my only recourse is bankruptcy.

My full time job status in Texas was reduced to part time about 6 months ago.

Can you tell me how much it will cost to file a Chapter 7 bankruptcy, and if this is the best recourse? BOA and Chase will likely file a 1099 and/ or place judgment against me? I really have no assests, but am current on payments for my place of residency here in Texas, and my car payments ( I still owe 6,000 on the car) but need it for transportation to work.

I have been married now for two years.


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on


A bankruptcy would be a good option for you,


as you do not have to worry about any more fees, or possibility of a 1099 being issued to you, and possible tax consequences


A chapter 7 would cost you anywhere from $900 to $250 to file,


If you continue your car payments, and current home mortgage, and their is limited or no equity in both you would be able to keep them

Customer: replied 5 years ago.

Thank you, XXXXX XXXXX be any sort of judgment placed against me to repay any of the loans, also will the IRS be able to pursue any type of judgment or tax from me? Also will the bankruptcy attorney require a flat fee of(NNN) NNN-NNNNat the time of consult? or will that be billed to me? About how long will it take from the day I meet with an attorney, to the day the bankruptcy will be completed?

Thank you for your time.

If you do not file bankruptcy a judgment can be placed upon you.

If you file bankruptcy you would not owe any IRS taxes for the property.

The bankruptcy attorney usually works on a payment plan, so they will work with you.

You can file a petition within one week from meeting with the attorney, but they will want the full fees before they file, the Court costs are $300+ so an attorney may charge $700 +300 filing fees as well,
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