Go Into The Bankruptcy?
Q: Is it possible that I'll lose my car, equitable distribution and house in the accident case? Should I try to refinance immediately or let the mortgage go into the bankruptcy? I am not currently employed. When I bought the house with my ex, we had an agreement that if I did most of the work on the house he'd pay the mortgage and expenses. When he left I decided that I would probably earn more by working fulltime to increase the equity in the house than I would with a local outside job and had planned to use the Equit. Dist. to pay the mortgage and expenses until the house is finished (or, if I lose it and/or the ED in his bankruptcy)..I have no idea how I will pay the high attornies' fees to defend myself against this suit, but guess I don't have much choice except to go into yet more debt.
A: As far as bankruptcy is concerned, if you live in a state where the equity in your house is exempt and would otherwise qualify, obtaining a discharge would force the plaintiffs to go solely after the insurance policy, and not be able to go after your personal assets. Speak with a bankruptcy attorney for more details.