Filed Chapter 7 today
After much back and forth to get our net monthly income minus monthly expenses down to $0, my lawyer finally was able to file today. I feel relived. There’s only one area we are concerned about: raw undeveloped land(2.6 acres) owned 50/50 between my husband and MIL. All equity no debt on this property. Zillows values it at $35,000 but no land has sold in that area for over a year. It has absolutely nothing on and is way out in the woods. Our lawyer doesn’t think the trustee will go after it because half the sale would go to my MIL, and my husband gets to protect $10,000 of his portion. So that leaves hardly any money left over. Anyone been in this situation? We’re prepared either way. The over $100,000 in debt is far more important to discharge.