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Q.홈 에퀴티가 조금 있으면, 파산 할 수 없나요?

지역California 아이디Mintlove****
조회1,484 공감0 작성일2019-08-20 오전 12:03:15
What Can I do to keep my home and manage a mountain of debts?

(SUMMARY)
I purchased a home in Aug 2016 at $409k
Loan (principle) was $327,110
Current loan (principle current) $311,319.76
Estimate of current home value $460k ~ $480k

**My current home equity seems $148k to $165k
My total debts seems $76,000 to 80,000

I became a sole ownership of home since 2018 after divorce.
CA home exemption is $75,000
My credit already dropped 780 to 500 about 6 months ago.

Even if I called each card company to pay in payment program, I couldn't follow as plan.
I find myself that I can pay in payment program for debts of $34,000 but remaining debt $42,000 around can't be manageable.

I need to keep and protect my home and also I want to manage this debt..
I hope to be debt free..

Please advise me what is a best option for me...

Can I file a bankruptcy and protect my home?
or
Can I go for debt settlement or what should be good for me?

Thank you in advance...
0/1000

* 등록된 총 답변수 1개입니다.

회원 답변글
smirnof**** 님 답변 답변일 2019-08-21 오전 11:11:30
https://www.nolo.com/legal-encyclopedia/home-chapter-7-bankruptcy-32498.html

" Is there enough unprotected home equity to trigger a sale?
Start with the fair market value of your home and subtract the following:

the homestead exemption amount you’re entitled to claim (usually between $10,000 and $100,000)
the trustee's commission on the difference (25% of the first $5,000, 10% of the next $50,000, and 5% of the rest, up to one million)
the costs of sale (usually around 8% of the fair market value)
the amount owed on all mortgages, and
the amount of all nonmortgage liens secured by the home (such as a tax lien).

If you end up with a negative number, you don’t have sufficient equity to trigger a sale, which essentially means that the Chapter 7 bankruptcy trustee won’t have an incentive to sell your home. Since there won't be anything leftover to be used to pay the unsecured creditors, the trustee will abandon the property.

If you end up with a positive number, this is the amount of equity that the bankruptcy trustee could use to pay your unsecured creditors. In this case, the Chapter 7 bankruptcy trustee might sell your home, give you the amount of the homestead exemption, pay off mortgage and lien holders, and use the rest to pay off unsecured creditors."

"Can Chapter 7 Bankruptcy Help With Foreclosure?
Chapter 7 bankruptcy might provide temporary relief from foreclosure, but it won’t help you keep the home. It doesn’t have a mechanism to pay off arrears or permanently stop the foreclosure.

Here are some options to consider:

Negotiate with your lender before bankruptcy. If you are behind on mortgage payments, you might be able to negotiate with the lender to deal with the shortfall, either informally or through a more formal "mortgage workout" where the lender agrees to renegotiate payments terms by modifying the loan or refinancing. If you go this route, complete the loan modification before you file for bankruptcy. Otherwise, the bankruptcy will likely disrupt any ongoing negotiations. (You’ll find information about lender negotiation and loan modifications in Foreclosure.)

Consider Chapter 13 bankruptcy. If you’ve fallen behind on your payments but now have enough income to catch up on the mortgage arrearage over time, you can save your home in a Chapter 13 bankruptcy."

https://www.avvo.com/free-legal-advice

These sites, forums like ASK미국, Quora, Wiki Answers, Yahoo Answers, Stack Exchange . . . can be good for GENERAL questions. . .

Please consult with local bankruptcy lawyers!

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