Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.
Since your house has no equity, and since your car has minimal equity, filing a Bankruptcy will not affect either of these.
Regarding the timing for filing - you would have to wait until around 2-3 months after you stop earning $65,000 per year to file.
As the rule is you have to have earned less than $22,056 gross income in the 6 months before filing.
What happens to my house if I do international (volunteer, stipend) work or stay with parents in another state to wait 9 months or so to get another job, can I keep my house in MI or rent it?
A Bankruptcy filing will not affect your house, since it has no equity.
This is so, even if you are not living in the house, and even if you are renting the house.
Assuming the rent you receive will be used to pay the mortgages, the rent your receive will not be added to your income to determine whether you can file a Chapter 7 Bankruptcy.
And please have a pleasant day!
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).