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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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This question is difficult...My permanent residency is florida...

Customer Question

This question is difficult...My permanent residency is florida...I have moved back to georgia but have not changed my residency. My home in florida is in foreclosure and due to financial losses I can no longer afford to keep the house regardless of lowered payments or anything..I just owe to much money and have lost all the equity in it and my other investments in property in florida. I have also lost most of my stock market investments. I only have about 40,000.00 left. The home I have moved back to in georgia I can afford the payments with some modification and am looking for employment but it is difficult because I am sixty years old and the job market is terrible. Now my major question..I need to file bankrupsy because of credit card debt and car loan..the total car is about 18,000.00 financed at not interest..the credit card debt is about 90 thousand what do I do...file in georgia..file in florida and how do I keep my georgia home..I owe about what is owed with almost no equity.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
When did you move back to Georgia?
Customer: replied 8 years ago.
I think it was sometime in may..papers were served in june..I moved back because we had been in florida for six years and back and forth and this has been my home for almost twenty years and it is were my family lives.
Expert:  Ellen replied 8 years ago.

Thank you for your question. I am happy to assist you.

You appear eligible to file a Chapter 7 bankruptcy in Georgia. However, since you have lived in Georgia as a resident for less than 2 years, you would file using the Florida exemptions.

You typically would be able to keep the Georgia home since there is no equity provided you continue to pay the mortgage. Typically the credit card debt would be discharged in a Chapter 7 bankruptcy.

Florida bankruptcy exemptions are as follows:

1. Homestead. Property cannot exceed ½ acre in municipality or 160 contiguous acres elsewhere - note this is not available to you as you live in Georgia;
2. Annuity contract proceeds;
3. Disability or illness benefits;
4. Life insurance cash surrender value;
5. Alimony, child support needed for support
6. Damages to employees for injuries in hazardous occupations
7. Pre-need funeral contract deposits
8. Pensions
9. Any personal property to $1,000 (the exemption is increased to $4,000 for those debtors not claiming or benefiting from a homestead exemption. )
10. Health aids
11. Motor vehicle to $1000
12. Most Public benefits
13. $500 in wages per week either unpaid or paid and deposited into bank account for up to 6 months

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,

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Customer: replied 8 years ago.
WHAT do I do about the 30k or so I have in a hedge fund..I have no retirement and this is the only monies I have....also I do have an investment that did pay dividends but does not husband starts social security in december. What is personnel property..china glassware, jewerely, furniture...what is included and if I get a job what is the situation..thankyou can I move my homestead exemption to georgia..