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My House Flip Flopped and Fizzled – Sherri


“Dear Steve,

Considering bankruptcy, but have about 6 thousand in personal joint savings. I worked for about 8 months and have been on temporary total disability for the past 3 months.

The debts are in my name only and are from a ‘house flip’ that flopped. It took over a year to redo and over another year to finally sell, for a loss of 80%! I got paid 29K from the sale, to pay approx 110K.

I’ve paid those who were suing me (settled at about 40% each). I tried to negotiate a settlement with one company that was not suing me and they basically refused my offer and stated that they would have their atty’s review my case to see if it should be active again! Well this scared me away from calling anyone else.

I’ve now taken the ‘wait and see’ approach. So I have approx 15K still in biz acct for that. Technically, that money was loaned to biz by me, and is owed to me-not the creditors. Most of the creditors are personal not biz debt. I have one contractor attempting to sue me and the biz-but he did faulty work, never finished and came in at twice his estimate. We have been paying an atty to fight him, offered several settlements, and he just won’t go away. He doesn’t deserve anything at this point because as far as I’m concerned he caused his fee to go to my atty instead! He is the primary reason I’m considering Bankruptcy, but of course would get rid of the rest of the debt too.

How much money can I keep and still file Bankruptcy? And will they consider my husband’s income too? Or just mine-since it is just my debt? (In Ohio)


Dear Sherri,

I’m the wrong person to ask about the specifics of bankruptcy in Ohio. You need to speak to a licensed bankruptcy attorney in Ohio. These guys in Ohio are very helpful and if they are nearby, call them.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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