We officially filed Chapter 13 today with more than $250,000 in unsecured debt which includes a missold solar loan. So the good news is that the home will be protected against foreclosure and all 3 months arrears will be put in the unsecured pot.
We get very high home equity protection here in FL so all the existing home equity is fully protected and exempt.
We can sell the home and roll over the equity into another condo or smaller home and that is fully exempt from any other creditors as long as it’s in FL.
There will be $50,000 K to be paid to all unsecureds. This is the current value of our stocks and ETFs in a non exempt brokerage.
This debt was accumulated over years in credit cards, personal loans just because of our chronic medical conditions and a spouse that couldn’t work due to cancer.
Two kids each with special needs (autism) and one with Congenital heart condition. Add to this very high cost of living, food and groceries…
Bottom line – glad we mustered the courage to file.
Quotes by Amelia Earhart below
On action and anxiety: “The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers.”
On using anxiety as a tool: “Use your fear… it can take you to the place where you store your courage.”
On taking risks: “Decide whether or not the goal is worth the risks involved. If it is, stop worrying.”
On the ultimate price of peace: “Courage is the price that life exacts for granting peace.”
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