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  1. #1
    Join Date
    Feb 2009
    Posts
    4

    Lightbulb Divorce, Short Sale and Chapter 7

    My question involves bankruptcy in the state of: NY. I signed my final dvrce stip/settle in dec ,part of the agreement was to sell the hse, mtge in both names & neither 1 could afford it with mtge upside dwn with no equity. Mtge hasnt been paid in 8 months.Signed contract with perspective short sale buyers to present to bank now 3 wks later im filing chap.7 (had personal debt in excess of 80,000) ?'s am i still in compliance with the divce/sale agreement (i did sign the contract) the only asset i own is vehicle valued @ 9,000 can i keep it Used my tax refund i just got 2wks ago to pay bankrup/lawyer retainer i was told i need the mtg note to qualify for chap7,what happens to the ex and what is her recourse if any (we dont communicate) Thanks 4 all advice n advance............Tryin 2 Get My Life Bk

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Divorce, Short Sale and Chapter 7

    Your obligations to your spouse from the divorce decree (support and property division provisions) aren't dischargeable in bankruptcy.

    The vehicle exemption is $2,400.

    You have a lawyer - talk your case through with your lawyer.

  3. #3
    Join Date
    Feb 2009
    Posts
    4

    Default Re: Divorce, Short Sale and Chapter 7

    Thanx, sir.i am aware of the vehicle exemption does the trustee deduct that from the book valu with an option 4 u 2 pay the difference or is just taken also my other ? was how is it that i cant discharge my stake in the home by my filing chap7 the only obligation i had in the agreement was to sell the home (which is dam near impossible n this mkt) which i complied with allowing perspective buyers 2 c hse,even signed contract 4 1 s.s ,etc.. Im sinking fast with only option chap7 y wouldnt i include our home which is the biggest liability especially with it mtged well over 100k of comps....thanx 4 ur help

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