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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17252
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 am 73 yrs and my husband is 75 yrs. We are residents of South

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I am 73 yrs and my husband is 75 yrs. We are residents of South Dakota but we winter in Arizona. October of 2012 we gave our Motor Home back to the bank, which is based in California, because we could no longer pay for it. We just got a letter stating we have a deficiency of 85,500. We clear approx. 43.000 per month and our payments, not including food, clothing or gen. expensive, are 35,000. Can you tell me what our options are?

WALLSTREETESQ :

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

WALLSTREETESQ :

This is an unfortunate situation,

WALLSTREETESQ :

In terms of the motor home, the worst case is that the lender sues you and your spouse for the balance owed, if you have income that is not social security or pensions, the creditor can garnish those wages, however social security cannot be taken.

WALLSTREETESQ :

If you wish, you can file a bankruptcy, if your combined monthly income is below the State median,

WALLSTREETESQ :

if it is a chapter 7, would discharge the entire debt you have also and credit card debts as well.

WALLSTREETESQ :

In SD, if your combined monthly income is below 4,528, you can file a chapter 7 bankruptcy and discharge the debt.

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied with our service please provide us with positive feedback.

Customer:

If we filed bankruptcy for all our dept what would that do to our credit. How would that affect us using any credit cards? Would we file in S.D. or in AZ? My husband gets a monthly pension, we get social security and we take $1,000 from our retirement account. What could they garnish?

WALLSTREETESQ :

You would file bankruptcy in SD if you reside their most of the year, in terms of your credit it would be hurt significantly. In regards XXXXX XXXXX your pension, social security and Retirement accounts cannot be touched.

WALLSTREETESQ :

Be aware, if their is a judgment against you, your credit would be hurt also,

WALLSTREETESQ :

and about the same as a bankruptcy filing, if you have other debts that you may want to discharge, such as medical bills, or credit cards, a bankruptcy may be a good option.

Customer:

What is the best action for us to take? Would there be a difference in Credit rating it we filed just for the Motor Home? and do we have to be in SD when we file?

WALLSTREETESQ :

You cannot just file for the motor home debt,

WALLSTREETESQ :

You would have to be in the State in order to file, if you live in AZ most of the year, you can file it their as well. In your situation, since your income is protected a bankruptcy may not be needed, as you are collection proof.

WALLSTREETESQ :

If you have other personal accounts, or property you want to protect a bankruptcy may be best.

Customer:

Is it true that in AZ your home is homesteaded and can not be taken.

WALLSTREETESQ :

Under the Arizona homestead exemption law, the following (up to $150,000 in value) are exempt:
your house and the land upon which it resides
your condominium or cooperative
your mobile home, and
your mobile home and the land upon which it resides if you own the land as well.


In each of the above instances, the dwelling (house, condominium, cooperative, or mobile home) must be your “residence”— that is, you (or you and your spouse) must actually live in the dwelling.


The homestead exemption also applies to cash proceeds from the sale of a homestead property. These proceeds remain exempt for 18 months from the sale of the property, or until the proceeds are used to purchase a new homestead, whichever time is shorter.

WALLSTREETESQ :


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Customer:

Thank you so much for your help. You've been great.

WALLSTREETESQ :

good luck

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

Hi again, I'm JACUSTOMER-G66ICR8- with another question. In your opinion do you think the loan holder will go to the expense, with lawyers and court cost in SD plus other expenses for our assets of an 1999 gas motor home worth approx. $20,000, a mobile home (bad condition), in CA, worth under $10,000, a house in AZ, our AZ residence, worth $70,000 and our 2007 Saturn Vue, maybe worth $9,000.

They may do this but it will take time, what you should consider is possibly gifting the items out of your names, or put them into a trust or family member name to avoid collections.
Customer: replied 4 years ago.

Thanks, XXXXX XXXXX good, we have a Brown family trust, a living trust. Is this what you mean.

yes, if it is out of your names, it can be protected easier.
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