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FL vs. GA Bankruptcy


Cherat53
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I live in GA and own a home here that I owe more than I could sell it for. I also own a condo in Fl that I've been renting for @ 16 yrs. that has about $140,000 equity (if I sell it though with fees and capitol gain I'd get nothing). I owe @$50,000 in cc debt. I was a successful Realtor till illness and a changed market took my self employed income from $100-$150 a year to only $13,000 last year. I refinanced my condo and did a cash out, cashed in my retirement and used my credit cards to live on. I have @ $70,000 left to live on but that is going fast since my expenses are around $7,500 mo. I kept hoping to get back on my feet. Now I'm thinking I should go to FL and live in my condo since I've been offered a job there selling real estate and it is booming there. How will BK affect me as far as keeping my place there since I have alot of equity in the condo. I don't know what kind of money I can make there since it is all commission. My condo payments are $1,800 mo. Will trustee see this as too high? I have a '96 car worth @$3,000 paid for. I've heard FL is more liberal but what about the new reform law? How long would I have to wait to file? I suppose I would have to give up whatever is left of the money I've been living on from my refi (understandably) - won't be much by the time I get there. My big fear is losing my place down in FL after uprooting myself here in GA and having no home. Any suggestions? When will new reform take effect? Thanks in advance for any help!

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Last question first...new BK law hasn't passed just yet...then it'll be 180 days after that before it hits.

But...$70k in cash(?) and $140k in equity is gonna be a tough sell for a BK 7 even now.

I'm guessing that a lot of your $7500 / month in expense might have to do with the house in GA. My suggestion would be to sell the place for what you can get....maybe even owner finance...and move to FL. If you're unable to make enough money selling real estate to get out of the hole you're in, FL does (at the moment at least) have unlimited real property exemption...so all the equity in your condo would be safe.

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