TerpGal

We have been fighting our mortgage company for a while trying to get our payments lowered/save our house. We got an attorney involved because when the actually did file with the courts, they filed some blatantly false affadavits and have been stringing us along. Over the summer we decided we didn't want the house anymore (too many had memories) and that lawyer basically said since we no longer have the leverage of the house we should drop the suit. We decided not to and they dropped us like a hot potato. We subsequently filed chapter 7 and now NOW the mortgage company wants to settle for a decent amt of money. Our bk lawyer thinks we can get more so he decided the best course of action is to amend one of our schedules to that any amount (even if we don't get anymore) can be exempted and we can keep the settlement money. That would be a HUGE weight off of us. Cross your fingers for a good outcome. Our bk lawyer has been more helpful than our consumer lawyer EVER was.

freetosmile

Everything you said was jibberish to me because I don't understand the jargon...but I'm just glad you good news!

TerpGal

LOL. The chapter 7 refers to a chapter 7 bankruptcy, bk is short for bankruptcy. We were basically suing our mortgage company but since we no longer wanted the house, the first attorneys dropped us as clients because they didn't think we would get anything out of the case. Now since filing bankruptcy, the mortgage company wants to settle the suit out of court but since we are in a chapter 7, the bankruptcy court could take all that money to settle debts. Our bankruptcy lawyer is amending our filing with the court so that money can be exempted from being seized by the bankruptcy court (in a chapter 7 you have liquidate your assets, but certain things can be exempt)

Godismyrock

How much is the exemption for that in your state?

TerpGal

I don't really know. But he is trying to amend our schedules to Tue settlement amount falls under it.