I moved to CA at the beginning of 2013 and own a home in WA State that I am current with payments on. There is currently a tenant living in it, but their rent and the property management fees do not completely cover the monthly mortgage. I end up having to make partial payment towards the mortgage. I need to file Ch 7 as I have no income, cc's are maxed out due to living, legal and medical expenses (none past due, yet) The past two years have been traumatic due to various events out of my control. I am currently unemployed and seeking employment that will accommodate my medical issues, which has been difficult. I am renting in CA. My concern is losing my home in WA State. Any help would be greatly appreciated. Thank you!!
Family Law Attorney
The BK trustee should not take an interest in your WA house. But, discuss all this with your BK attorney to be sure. You may need to get an appraisal of the house for the trustee. Good luck.
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Chapter 7 Bankruptcy Attorney
The trustee is not going to be interested in a home with no equity. However, to be safe, make sure it has no equity and use your exemptions to protect as much equity as you can. Since you recently moved from WA, you'll probably have to use WA or Federal Exemptions. Call me if you have any questions, never a charge to chat.
I understand that many people experience unforeseen and unexpected circumstances in their lives. The Chapter 7 Bankruptcy is designed to give people a "FRESH START".
If there is no equity in the property, then there is nothing to which to apply the exemption. You would list the property on Schedule A, and list the secured creditor/lender on Schedule D.
You may want to invest in a FREE consultation with a bankruptcy attorney to make sure you file your bankruptcy petition correctly to prevent matters from becoming worse for yourself.
Samson & Associates has an office near you. Call for your FREE Bankruptcy consultation.
Chapter 13 Bankruptcy Attorney
you may want to file a Chapter 13 and take advantage of the cram down option to reduce the liability on the Washington home. If the house is underwater there is nothing you need to exempt because the value does not exceed the liens. (exemptions only apply to equity).
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