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I am going to foreclose on my home. I cannot afford it anymore. I am actually happy I am out of there since my condo complex just turned section 8 and there are nothing but low class renters everywhere.
I make 40K a year and have no assets (except the home I can't afford). I have about 3K in credit card debt and a 25K car loan.
I live in Florida and am very concerned about a deficiency judgement being filed against me for the difference in the selling price at auction compared to what I actually owe.
I have heard that most lenders rarely pursue defiency judgements since it is expensive and most of the time they are not worth pursuing because there is really no money to go after.
I have also heard they can garnish your wages. This is my biggest fear. I am trying to get the bank to do a deed in lieu of foreclosure. It probably will not happen since I owe a heck of a lot more than the place is worth right now. I owe 242K and the place is worth 190K.
If they go after me in the future and try to garnish my wages, I heard I would need to file for bankruptcy. Would I qualify for ch.7 ? I heard with ch.13 I would need to pay back some money.
Also...if go through with bankruptcey...do I get to keep my car ?? I love my car and do not want to lose it.
It is all dependant upon income level now and what chapter you can file. Get a lawyer and do it soon as I beleive there is a six month "wait period" like a divorce on consumer bankruptcy. I handle business bnkrtpcy....get legal council now.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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In some states they cannot attach wages. Depends on the state you are in. I don't know about wages in Florida but I know they cannot take your real estate in Florida- even if it is worth a billion dollars and I know they cannot touch retirement income in Florida even if it is a million dollars a year (that is why OJ Simpson moved there).
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