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katieflores
Joined: 26 Jan 2010
Posts: 1
1.20 Dollars($)
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Post subject: Chapter 7 an option? |
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| Hi there! My husband's name is on a rental property with his dad. We don't pay taxes nor get any income from it, but nonetheless we have a 50% stake in it. That said, the house is worth about $100K, no mortgage, so our equity is around $50k I imagine. We want to file Chapter 7 bankruptcy and in all honesty, wouldn't care if they sell our portion of the house. How does that work though with his father? Do they only auction off our part? Are there any exemptions we would qualify for? Thanks!! |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 836
Location: Orange County, CA
129.24 Dollars($)
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>>wouldn't care if they sell our portion of the house.
Really? That 50k could either be applied towards the bankruptcy, or put into your bank account, and you wouldn't care if it was applied towards the bankruptcy?
>>How does that work though with his father?
There are strict timing guidelines and you need to review them with an Attorney. If I were you, I'd get my name off Title of that property and wait whatever amount of time the Attorney told me I had to wait. "www.legalhelpers.com" will connect you with a local bankruptcy Attorney that'll provide you with a free consultation via the telephone.
[External link deactivated as per forum rules]
_________________
Raymond
www.ResponsibleReverseMortgages.com |
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kdk
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0.10 Dollars($)
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Post subject: chapter 7 bankruptcy |
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| i receive disabilty checks which total $ 694.00 a month. i can barely pay my rent and utlities with this amount though. i have a credit card trying to sue me and i dont know what to do. i have filed for chapter7 going on 7 years ago. i lost my home so i dont own any home or property and i dont have any valuables. |
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clsinks
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0.10 Dollars($)
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Post subject: taxes |
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| When i file my taxes will i loose it now that i have filed bankruptcy? |
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Christina
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0.10 Dollars($)
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Post subject: chapter 13 while owning property |
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| Hi.. my Mom is considering filing a chapter 13 to save her house that is going to be foreclosed on, but she owns another house outright. Are you allowed to own a home and file chapter 13 on another? |
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AASUN
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0.10 Dollars($)
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Post subject: Foreclosure or Bankruptcy? |
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| I own a home in AZ. My home equity has sufferred significantly in the last 2 years. I owe about 200K on the house and the house is worth around 160K. (when I bought the house 3 years ago it was worth about 220K). Also, I work as an Independent Contractor and I have not had much work in the last year. So to make a long story short, I am now 3 months late on my mortgage. Also since I am significantly underemployed I have been told I don't qualfiy for Loan Modification. Therefore my only options are Bankruptcy or Foreclosure. Which of the two options would you recommend? |
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Henry M
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0.10 Dollars($)
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Post subject: Chapt. 7 IRA |
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| I am 65 and collect social security. Is my IRA protected and exempt if I file chapt.7? |
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lilbitofvanilla
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0.10 Dollars($)
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Post subject: income tax money and bankruptcy |
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| i have just filed bankruptcy on jan 28th i am scheduled to go to court on march 2nd. i filed my taxes and got back around 3000. $1600 is left in my account after paying some bills. can they/will they take the rest of my income tax money? |
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tb
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0.10 Dollars($)
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Post subject: state taxes |
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| I filed a chapter 7 bankruptcy and I found out that I was just 3months shy for the 3years to remove the balance owed on my state taxes. Can I re-file a bankruptcy to cleart the taxes off. |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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Hi Kdk,
As you've filed chapter 7, your creditors will not be able to sue you know. Your unsecured debts will get discharged in your bankruptcy filing.
Hi clsinks,
The trustee will have to rights to take away the deductions that you receive after you file your taxes. This amount will be used to pay off your creditors.
Hi Christina,
I would suggest your mother to speak to a bankruptcy attorney in this regard and take his opinion. He would be the rights person to let her know whether or not she would be able to file chapter 13 on one property.
Thanks |
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Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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Hi AASUN,
Rather than going for a bankruptcy or a foreclosure, I would recommend you to go for a deed in lieu. This will help you in getting rid of the property and you won't be liable for the deficient balance resulting from the sale. However, your credit score would be lowered by 250 points.
Hi Henry,
No one would be able to garnish your social security income or your retirement benefits though you file Chapter 7.
Hi lilbitofvanilla,
Yes, the bankruptcy trustee will be able to take the rest of the income tax money in order to pay off your creditors.
Hi tb,
As you've already filed bankruptcy, you cannot re-file it unless you get it dismissed. I would suggest you to speak to your bankruptcy attorney in this regard and then take a decision.
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Good is the Enemy of Great. |
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keltown
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0.10 Dollars($)
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Post subject: Tenant in common & one investor files bankruptcy |
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| We are tenants-in-common on a piece of property where one of the investors has liens against his interest in the property. We found out he filed bankruptcy. We have an offer on the property, can we sell it with his bankruptcy? Do we have to pay his liens? It is vacant land. |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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anonymous 33
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0.10 Dollars($)
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Post subject: bankruptcy |
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| my property is paid off can i file bankruptcy and still keep it |
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tai
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0.10 Dollars($)
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Post subject: tax return after discharge |
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| i live in east brunswick, nj. i was recently discharged from chapter 7. can the creditors touch my tax return which i plan to file in the near future? |
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