junebug1 Posted April 27, 2005 Report Share Posted April 27, 2005 My dh was recently deployed to Iraq, we were barely getting by. Now I'm not getting by. The debt is mine, and I want to file individually. I am the co-borrow on our mortgage, how will it be affected? I'm in Illinois. Do I have to reaffirm my mortgage? Thanks in advance. Link to comment Share on other sites More sharing options...
bingo Posted April 28, 2005 Report Share Posted April 28, 2005 Do you want to reaffirm the mortgage? How much equity do you have in the home? Here are Il. exemptions. With joint property and the cosigner half a world away, you don't have a routine bk. You really need to see a lawyer. Most bk lawyers give free initial consulations.http://www.thebankruptcysite.com/bankruptcy-exemptions/illinois.php Link to comment Share on other sites More sharing options...
junebug1 Posted April 28, 2005 Author Report Share Posted April 28, 2005 I don't want to file on my mortgage. So I guess I would reaffirm. Do I have to reaffirm if I am just the co-borrower? How do you know how much equity you have in a home? We bought the home in 2002, I don't think we would have much equity in the home yet. Link to comment Share on other sites More sharing options...
bingo Posted April 28, 2005 Report Share Posted April 28, 2005 You've no choice. You must list all creditors and that includes the mortgage holder. You may not have to formally reaffirm-depends on local rules.Subtract what the house is worth today from the amount that is still owed on the mortgage and that's the equity. Link to comment Share on other sites More sharing options...
junebug1 Posted April 28, 2005 Author Report Share Posted April 28, 2005 I have no idea what it is worth today. Do I have to get an appraisal? Link to comment Share on other sites More sharing options...
LadynRed Posted April 28, 2005 Report Share Posted April 28, 2005 Call a real estate agent and ask them to give you a 'walk away' price on your home. You would then SUBTRACT any and all sellers fees, commissions, etc. plus any repairs that might be needed from that price. Link to comment Share on other sites More sharing options...
meghannderson Posted May 30, 2005 Report Share Posted May 30, 2005 You should be able to visit the base legal office for help. They will give you free legal advice and help you. They are not experts in bks or anything, but they will be able to find out the information that you need. Link to comment Share on other sites More sharing options...
Recommended Posts