Thanks. Yes, we're incorporated but if I go under I'm liable for the debt.
I've met with an attorney twice already, he says he can get me in a chapter 7. He's out of town for a few weeks but from what he's telling me I'll either lose my house or have to re-buy it after they take it.
The way this city is I don't want it back, I just want to get on down the road. I'm about 3 to 5 years away from retirement. 3 for the minimum retirement.
Thanks for the insight.
If you're willing to walk away from the house, and if your attorney says you qualify income-wise for Chapter 7, then that is the way to go. Also, in the rare case that you can sell the house for a profit, or if it's sold at auction for more than the mortgage amount, you get to keep almost $40,000 of excess under the federal exemptions before any unsecured creditors get any of it.
I had one Chapter 7 client walk away from a $120,000 house saddled by a $115,000 mortgage. It was sold at auction for $55,000. Michigan allows a 6 month redemption period. A "guardian angel" aunt bought the house back for them for $55,000 and I did a lease-buyback agreement for them for $65,000. But you've already indicated that you aren't interested in the location, so this will be your ticket out.
You've got FReepmail with my phone number.