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bf in one state but live in another


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My husband and I live in Georgia but own a home in Texas-paid for; our daughter lives in it-too poor to pay rent.  His job took him, and me, to Georgia and I work there.  Husband became disabled-on disability.  Our CC have become too large for me to pay off before I can retire.  He is 66, I'm 65.  My Cardiologist is asking me to have surgery soon. What would be better: 7 or 13?  I can't move back to Texas at this time without leaving my husband-he has family ties here.  Complicated, I know.

1. What effect will it have on either 13 or 7 if I file?, and can I file in one state but live in another?

2. If I file in Georgia, what effect will that have on our home in Texas? We are renting in Georgia.

3. I do make a good income now but only after working 60-72 hours a week.  I will have to cut back to minimal after my surgery.

4. One other thing I have not noted in any BK forums:  when someone files either 7 or 13, what happens to their TIMESHARES?-paid for or not?

Thank for any info you can give.

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You file where you spendt the majority of the previous 180 days.

If, you've lived in Ga. for less than 2 years, you use the exemptions for the state of Tx. They're probably the most generous in the country.

You don't have a routine run of the mill bk here. Most bk lawyers will give a free or lowcost initial consultation. Speak with a few and get all of your options explained.

As to time shares. They're like any other asset-does your state have a large enough exemption for them to fit under? Also, it may be of minimal worth and the trustee just abandons it.

If you don't want it, any balance owed becomes unsecured and is discharged in bk.

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My husband and I live in Georgia but own a home in Texas-paid for; our daughter lives in it. . . What would be better: 7 or 13. . . ? What effect will it have on either 13 or 7 if I file?, and can I file in one state but live in another?. . . If I file in Georgia, what effect will that have on our home in Texas? what happens to their TIMESHARES?-paid for or not?

 

1. You file bk EITHER in the state you have resided in for at least the past 91 days OR the state where your principal asset has been located for at least the past 91 days. If your principal asset is the property in Texas AND you have resided in Georgia for the past 91 days, the choice is yours.

 

2. If you have physically been out of TX for more than 2 years you will use the exemptions allowed in GA. I cannot tell you if the GA exemption will in any way protect the real property in TX or the timeshares. Nor can I tell you if you can elect Federal exemptions. Both the GA and Fed. exemptions have a wildcard that can be used to protect property up to a certain value. You need to consult with a bk attny.

 

3. If you have not been out of TX for more than 2 years you will use either TX or, maybe Federal exemptions. Again, you need to consult with an attny.

 

4. The real property in TX as well as the Timeshare may or may not be fully or partially exempt. All depends upon what exemptions you use and what they allow.

 

5. If you cannot protect the TX property and/or the Timeshare and you do not want to lose them to a Chapter 7 Trustee, you will most likely be filing a Chapter 13. A Chapter 13 allows you to keep non-exempt property so long as you pay the value of the non exempt asset to your unsecured creditors over the life of your Plan. Please note, however, if you owe $$ on the Timeshare it is unlikely the Court will allow you to keep the "toy" in the Chapter 13 as you would be diverting $$ from your creditors to do so.

 

You need to consult with one or more attnys to determine what is best for you.

 

Des.

 

 

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