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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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If your name is on the property, then you will have to list it as your asset while you file bankruptcy. If the property has equity, then the trustee will have the rights to sell it off and pay off the creditors. As your sister is also one of the owners of the property, she will get her share from the sale of the property.
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Good is the Enemy of Great. |
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BobE
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Post subject: Primary Residence |
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A casual friend is in Federal prison for Federal tax violations. His wife and 2 sons continue to live in the family home, subject to a $100,000 bank note (legal fees) secured by the residence (it was mortgage free when the defendant was charged and subsequently convicted). IRS has tax liens on this home; and another Federal agency may have a lien on it also (BOTH PROBABLY MORE THAN THE RESALE VALUE OF THE HOME). The wife's income (she had never worked) is minimal. The bank loan is current. Credit card companies have turned the accounts over for collection and suits have been filed. IF THE WIFE FILES A CHAPTER 7, SHOULD SHE TRY TO SAVE TO HOME, REAFFIRM ITS NOTE/MORTGAGE; AND IF SO WOULD
IRS OR GOVERNMENT FORCE HER TO VACATE? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi BobE,
Filing Chapter 7 bankruptcy will not help your friend's wife in getting the IRS liens discharged. If the property is in her name and if there are IRS liens on it, then she'll be responsible to pay it off. However, she will be able to get the credit card debts discharged off.
If she is able to pay off the mortgage dues and wants to save the property, then she can reaffirm the loan.
Thanks |
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rms
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Post subject: property |
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My husband is on a deed with his 2 other brothers, actually we just found out today that he was. we he have to sell that property or what will happen:  |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi rms!
Welcome to forums!
If your husband is filing bankruptcy, then he will have to list the property as his asset. If the property is free and clear, the trustee may sell it off in order to pay off his creditors. However as the other two brother's are listed on the property, then they would be able to receive their share of property after it is sold off.
Feel free to ask if you've further queries.
Sussane |
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need to know
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| my husband & I recently fell in love with a house that has been bought by a bank through a chapter 7 bankruptcy & we were wondering if the bank will be put the house up for sale through a realtor & if so will we be obligated to pay the debts left from the previous owners |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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I don't think you would be obligated to pay the debt of the previous owners. If the lender sells it off, you'll have to take a mortgage in your name and purchase it.
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Good is the Enemy of Great. |
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need to know
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| how long after the bank buys a chapter 7 bankruptcy house do you think it will take for them to put in on the market through a realtor? |
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zophia
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| I received a small settelement amount ($40K) and do not want ot lose all of it to the trustee when I file Chapter 7 in a few months. I was told that I can open a Roth IRA for both myself and my husband and this would be exempt. I was also told that I could put $20 K into these accounts (5K for me for 09' and 10' as well as 5K for my husband in 09' and 10'). Is this true? Is this really excempt? My husband is not filing with me. |
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anonymous 51
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Post subject: credit counseling course |
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| What happens if someone files for bankruptcy but did not get a chance to take the credit counseling course before filing? Can this course be done during the filing perion? My decision to file for bankruptcy came suddenly because after paying just some of my bills, I had no money left for gas, food, etc. I had used up all my savings and cash that I had and was even borrowing from friends to pay bills. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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To zophia,
As far as I know, the retirement accounts are exempt from bankruptcy. The court will not be able to garnish your retirement account. Thus, you may be able to place the amount in that account. However, you should have a word with your bankruptcy attorney in this regard. He will guide you in a better way.
To anonymous,
As far as I know, you will have to go for credit counseling from an approved provider before filing a petition in bankruptcy. I don't think this can be done during the filing.
_________________
Good is the Enemy of Great. |
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thor
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Post subject: chpt 13 being converted to chpt 7 |
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| Had chpt 13 since 2006 paid faithly on it. Only secured debt is my motorcycle which is my own transportation. I still owe under the 13 at least 2500.00 dollars on the secured motorcycle. Can I contact the creditor and just pay it off before I switch to a 7 or can I get the payoff numbers while Im waiting until the meeting of creditors to pay them off. Open market value is between 9500.00 to 12500.00 dollars. Ive got the extra money to pay the secured debt as far as the motorcycle. THe rest is from recent two major surgeries within 4 months of each other thats the reason why for the chpt 7. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi thor,
You will be able to convert your chapter 13 into chapter 7. However, you'll have to include all your assets and debts while you file chapter 7. If you have a free and clear property, then the trustee will have the rights to sell it off and pay your creditors. If you plan to file Chapter 7, then it's better to include the debt in bankruptcy rather than paying it off. However, your bankruptcy attorney will be the best person to guide you in this regard.
Take care. |
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personal
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| I live in Michagan and need to file Ch.7 bankruptcy. My husband and I file married filling jointly on are income taxes. Does he have to file bankruptcy with me or can I file singely |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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As far as I know, it is not mandatory for your husband to file bankruptcy jointly. You can file it alone depending upon your assets and debts. However, in order to file Chapter 7, you'll have to qualify the means test.
_________________
Good is the Enemy of Great. |
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