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Home equity is very high. MA Yes I have an attorney. Private…

Home equity is very...

Home equity is very high

Lawyer's Assistant: What state are you in? And are you working with a local attorney?

MA Yes I have an attorney

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Private school tuition

I need to declare bankruptcy as I have too much debt & interest rates too high. I have a kid in private school for personal reasons. My house is very valuable due to the current housing bubble. I don't want to sell my house. Is it possible for me to declare Chapter 13 at a 100% payback. My income is not high but this might be possible for me to pay.

The homestead exemption is $500,000 where I live. I have some home equity...I'm not sure how much. I REALLY don't want to move (it will not help my financial situation given the rent prices). Now my house is worth 1.14 million dollars. It's a fixer-upper but my neighborhood is insane. The house has many cosmetic issues.

I really must send my child to private school, though I know this sounds like a terrible indulgence. My kid has various issues that are just too much for him in public school. I read that if I pay back 100% of my debt that I can pay the tuition on the private school. It will be difficult to pay the huge amount in 5 years. My income is around median income. But I take it you have to pay in 5 years. You cannot pay in 7 years.

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Answered in 6 hours by:
3/13/2018
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,960
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Thank you for your question. You can file for chapter 13 if you have unexempted equity in your home or other assets. You have to pay back enough of the debt to protect the asset, so at least enough to cover the equity. So, a 100% chapter 13 plan could be needed. You would pay this back over the next 5 years (capped at 60 months). You also have to demonstrate that you have enough disposable income to afford your monthly bills and the chapter 13 repayment plan. IF so, it doesn't matter what your other expenses are.

The one thing you would want to watch is the debt limits for chapter 13. If your secured debts (mortgages, cars, furniture loans etc) add up to more that $1,184,200, or if your unsecured debts are greater than $394,725, you are ineligible to file Chapter 13 and would have to look into a chapter 11.

Let me know what other questions you have. thanks

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,960
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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Customer reply replied 4 months ago
This reply could have been more specific but it did contain useful information.

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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).

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