can i file individual bankruptcy while owning a home with my

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Latest post 01-23-2008 11:18 AM by Drew. 4 replies.
  • 01-21-2008 10:40 AM

    • bill22
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    • Joined on 01-19-2008
    • Posts 4

    can i file individual bankruptcy while owning a home with my

    My fiance and i own a home together can i file bankruptcy alone as i have less assets then she does , she has a new car and other vehicles ( her sons car and her motorcycle registered in her name ) i have 60k in CC debt and am unemployed, Bill R.I.
  • 01-21-2008 12:03 PM In reply to

    re: can i file individual bankruptcy while owning a home with my

    As I tell clients, any fool with the filing fee can FILE a case. What happens later depends.

    The starting point is figuring out what the home is worth and what you owe on it. Bankruptcy is not interested in what you own, but rather what is the equity in what you own.

    Where are you and what homestead is available to a single person in your state?

    Until your lawyer has these facts, (s)he can't give you any meaningful advice.

    Cathy Moran
  • 01-21-2008 12:45 PM In reply to

    • bill22
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    • Joined on 01-19-2008
    • Posts 4

    file personall bankruptcy / owning a home with fiance

    Thanks for your reply, I'll get more info and get back to you ,i do have an appointment with an attorney but i'm just trying to get some info before i go the appointment next week, thanks Bill R.I.
  • 01-21-2008 3:21 PM In reply to

    • bill22
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    • Joined on 01-19-2008
    • Posts 4

    re: file personall bankruptcy / owning a home with fiance

    OK we owe 186k on our mortgage and another 68k on a home equity loan, the towns appraised value is 337k , but i just spoke to a realtor and he said the house is worth between 280-300k and is dropping here in R.I.the town gives a 40% homestead deduction off assessed value , i don't know if that is us as a couple or individual. we are current on the mortgage and taxes .i owe 60k in CC debt
  • 01-23-2008 11:18 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,585

    re: file personall bankruptcy / owning a home with fiance

    Allowing for modest selling costs of 7% its quite possible that your net equity in the home, if split runs close to zero ---but you need to discuss the math with your lawyer and I might have a reliable second qualified opinion as to current fair market value, net of commissions etc in my files to discuss.....



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