QUESTION
thinking about filing bankruptcy, but debating whether to file 13 or 7
Asked on Dec 08th, 2011 on Bankruptcy - Kentucky
More details to this question:
have one vehicle worth $14,000 wiht lien on it and real estate (land only) worth $45,000 wiht a mortgage of $16,000 on it Want to keep cars and property, but would rather file a 7 if possible. assuming I''m letting my home residence go, could I file a 7 and just reaffirm the debt for property and car?
1 ANSWER
William/J Joanis
Unless there was a need to file ch 13, ch 7 is usually better. KY allows the federal exemptions so, depending upon the actual value of the residence, and if you are filing jointly with your spouse, you may be able to exempt the real estate. Depending upon the amount owed on the car, it could be exempt. If you are not going to keep the real estate, you have exemption under 523 d 3 and d 5 to exempt the car. The reaffirmation is not relevant to what your basic issue is. You would be better off on hiring a lawyer to go through this with you. It will probably be worth every cent and more.
Answered on Dec 08th, 2011 at 1:19 PM