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Gerald, Esq
Gerald, Esq, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 3991
Experience:  30 years of experience
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I live in DC, but my coop unit is in Maryland. I don't

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I live in DC, but my coop unit is in Maryland. I don't have any other other option than filing for bankruptcy. Unemployed for more than 2 years, struggling with severes medical issues, bearing a judgement against me (substantial amount), I can't possibly see what other choices I have to get rid of this judgement that is scaring and eating me up. The coop I purchased 15 years ago, is been rented out to cover just enough the mortgage and the super high coop's monthly fees. I always paid both on time and don't owe anything. I want to save the only thing I have left: the ownership of my shareholder certificate for the coop is worth less than purchase price 15 years ago. I'd like to know if filing bankruptcy will required me to pay the $20K equity towards the judgement? I do not have any money. Can I file in DC while living for free at my aunt's? I can't afford to live in the MD apt because can't assume monthly fees and loosing the tenants would be catastrophic. What's the best way to face this excruciating situation?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Gerald, Esq replied 2 years ago.
Hello,Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.I am afraid that you can not protect the full value of the coop if it is not your personal residence. You are entitled to certain exemptions in regard to your assets under the banruptcy laws. The biggest exemption is the homestead exemption, but you are required to use the homestead as your personal residence.However, there are other exemptions you may be entitled to. For example, if you do not claim the homestead exemption you can claim $8,075 dollars, plus other exemptions. It may be possible to get close to the $20,000.00 amount that you refer to by stacking all your potential exemptions. This article may be useful to you in explaining this: want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday. I hope the information I have provided is useful to you and that I have earned a positive rating from you. It costs you nothing extra, and is the only way I get credit for my attempt to assist you. If you are dissatisfied with my response PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you and only ask the same from you.Good luck, Please note: Information given is not legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.