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    comingupforair's Avatar
    comingupforair Posts: 5, Reputation: 1
    New Member
     
    #1

    Jan 24, 2009, 03:05 AM
    Debt and home seizure (Protected by low value?)
    Hello:)

    I live in Washington State and am drowning in debt.:( I was recently laid-off from my second job.

    It is my understanding that in my state, a house can not be attached or taken to fulfill a debt, if it is under a certain value. Can anyone tell me what that value is?

    My house is of low assessed value. All the debt is credit card debt and none is tied directly to the house.

    I would appreciate input.

    Thank you. :)

    Comingupforair
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
     
    #2

    Jan 24, 2009, 01:29 PM

    Welcome to AMHD. Looks like you are on to something; check this: Washington Bankruptcy Exemptions WA Bankrupcy Exemtions
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    Jan 24, 2009, 01:38 PM

    Almost all states protect your primary residence from unsecured debt. But that doesn't protect cash assets or income. All it takes is one creditor to obtain a judgement and garnish your salary. This may reduce your income to where you can't afford your mortgage.

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