Posted on: 06th Oct, 2009 05:05 pm
Hi There,
I have met with a lawyer and paying her every few weeks so we can decide to what I need to file. I own a condo but I have no equity in it and I am renting it out. My husband and I live together in a rental house. I want to keep my condo but not sure if I need to file chapter 7 or chapter 13. The lawyer said that I have to include my husband's salary in my filing however my husband himself just went thru filing chapter 7 and it should be discharged within couple months. He didn't have to include my salary because all of his debt was prior we got married this year. I am including debt that I have accrued before we got married as well. I am little confused to if I will be able to keep my condo or not. Also, we have a car that has been paid for but it's an old car and it belongs to both of us. The car value is around $5000.00. WHat should I do? Thanks for your help.
I have met with a lawyer and paying her every few weeks so we can decide to what I need to file. I own a condo but I have no equity in it and I am renting it out. My husband and I live together in a rental house. I want to keep my condo but not sure if I need to file chapter 7 or chapter 13. The lawyer said that I have to include my husband's salary in my filing however my husband himself just went thru filing chapter 7 and it should be discharged within couple months. He didn't have to include my salary because all of his debt was prior we got married this year. I am including debt that I have accrued before we got married as well. I am little confused to if I will be able to keep my condo or not. Also, we have a car that has been paid for but it's an old car and it belongs to both of us. The car value is around $5000.00. WHat should I do? Thanks for your help.
Hi Guest,
If it is only the condo for which you want to file a bankruptcy, then I would say it would be a better option to go for deed in lieu of foreclosure. You will be able to sell off the condo and won't be responsible for the deficient amount resulting from the sale of the property. Moreover, you car and other properties would also be safe. However, a deed in lieu would reduce your credit score by 250 points.
If it is only the condo for which you want to file a bankruptcy, then I would say it would be a better option to go for deed in lieu of foreclosure. You will be able to sell off the condo and won't be responsible for the deficient amount resulting from the sale of the property. Moreover, you car and other properties would also be safe. However, a deed in lieu would reduce your credit score by 250 points.