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I am thinking about filing a chapter 7. Here is my situation, have about $150,000 in credit card debt, bad investments caused me to get so far in debt.Never been late,fico scores are in the 700's. I have been playing the balance transfer game, but that is getting old. I own a home, have about $150,000 in Equity & I don't want to sell my home or refinance to pay off the credit cards. Should I sell my home 1st & then file for BK, I could buy another home in my wife's name only, she is not on any of my cards. Another option would be to negotiate the debt down. Thanks Vince

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Hard to answer your question w/o knowing what state you're in. Homestead exemptions vary widly by state.

As for selling the house, ANY transfer of property, especially with 150K in equity, a year or less before you file is going to be suspect as a fraudulent conveyance. They CAN go back 3 years for property transfers. So, unless you can wait a long time, selling the house won't be your best bet. You could always reaffirm the house and keep it. If you're in an unlimited homestead state, you're lucky.

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NY exemptions:

http://www.thebankruptcysite.com/exemptions/newyork.htm

Unfortunately, equity exemption in NY is only 10K, 20K if you're married. So, with 150K in equity, you'd be likely to lose your home in a Ch 7. With that much equity to protect, you'd be better of with a CH 13. In Ch 13, you pay off 100% of your secured debt over a 3-5 year plan. ALL of your disposable income goes to the Trustee, so you have to make sure that you build up your expenses enough to cover emergencies. If you can't make plan payments, your BK gets dismissed and you end up back in the soup.

Your best bet is a consultation or 2 with BK lawyers, most give free initial consultations.

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  • 2 weeks later...

i beleive the credit repair boards are getting me in trouble. i recently disputed a saks fifth and a washington mutual card card debt as "not mine" on all three cra's. today i get a call from washington mutual about that. i told the collection agent just forget about my debts were discharged last november. i just do not want my bk case being reopened because i disputed these accounts. the saks account worries me though. since i dipsuted it on transunion it has moved from included in bk to good standing. but it is listed as account purchased by another lender. i am worried this account was sold to collection agency even though it was discharged because i disputed it as "not mine". :( 0 :(

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Whoa !! There should be ABSOLUTELY NO COLLECTIONS on any account discharged in bankruptcy !!!! They will NOT get your BK repopened by disputing anything ! It is your right to have accurate information and ALL of the debts discharged in BK should say 'inlcuded in bankruptcy'.. and thats ALL they should say ! The fact that Saks updated to 'good standing' is nothing to complain about if it stays that way. Their error, in this case, is in your favor ;)

As for Washington mutual, if they were discharged and they are trying to collect on a discharged debt they are in violation of the Fed bK court injunction of your Discharge. You need to immediately send them a cease and desist letter reminding them that the debt was discharged in your bankruptcy case (give the number and discharge date). Tell them if they do not immediately cease and desist, you will file a Motion for Contempt with the Bankruptcy court and ask for fines and sanctions against them.. along with damages. You can also sue them for violations of the FCRA for inaccurate reporting and possibly wilfull non-compliance.

They cannot touch you ! Don't let them bully you, enforce the rights given to you by the FEDERAL Bankruptcy court !!

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