really complicated bankruptcy questions

[edugan]

i have roughly 60k in credit card dept, some of the debt has been used to rehab some properties from a few years ago, most of the debt is from my ex-wife's activities, (it would be pointless to have her pay trust me)..

i am basically self employeed as a mortgage broker, i used to make pretty good coin but it has dropped significanttly and i'm at my end. I have zero late payments on anything ... is that an issue?

I have 3 properties. could be 4. (i will explain)

Property 1, is a rental property, Because of the market and recent damage i owe more than it is worth. Don't care about it and would love to see it go.

Property 2, is a place in florida purchased for 449,000 in december 2004, no money down and probably no equity because of the market down there. - I WANT TO KEEP THIS PROPERTY AS I THINK IN 10 YEARS FROM KNOW IT WILL BE WORTH VERY MUCH, AND I'M THINKING ABOUT MOVING THERE

property 3, is a duplex, i bought in november of this year. also no money down, probably very little equity if any. purchase price is 187,000

property 4 was land i purchased a few years ago, it was in my name at one time, however it was a loan that i got from using a line of credit against CD's that are in my name and my parents name, technically the money in the CD are my parents.,,, about a year ago i switched the land over to my parents and refinanced their house to pay off the secured note on the CD's the note on the CD's was pretty high, i/we have about 100k equity in that - payments so really not much, and actually because of my financial situation my parents have been paying that,
Question: do i even need to mention this land since it is my parents name


Bank accounts
i really only have my checking account and it gets depleted everymonth to keep up on credit cards.

CD;s my parents have about 200k in CD's...my name is on them, none of the money is really mine, but again my name is on it, it is saved in case my mom needs a heart transplant...
question...should i have my parents take my name off these assets as well.



Cars.
2005 Saab with a loan, that probably equals is value as my ex-wife drove to meet her "friends" loads and loads of miles

i want to keep this car

1991 mercedes benz suv, needs work, can i put this in my parents name or perhaps i should sell it before the bk. truck is maybe worth in the "gray" market at 18k but has no blue book value as it was imported from germany by a person and never by mbusa officially. "the car doesn't exist in usa from this year"


1965 cheoy lee sailboat that sank in katrina....it sits on boat stands at a friends house...maybe its worth about $500....was worth about 30k but katrina sank her.


new account!!!

in an attemp to no do bk i got a unsecured debt consolidation loan from bank of america about 2 months ago...i referenced the CD's to help qualify but no lien as ever required. it is totally unsecured.

so here is my delema.

i used to make pretty good money, had a great lifestyle, got messed up becauase of my over spending as well as exwifes.


all of my debt will take me about 8-10 years to payoff at my current level, that level leaves me not eating out, and not spending hardly anymoney on myself, i'm in a relationship now where kids may be only a few years off...i know once that happens i'm screwed financially.

so i can keep on living this way and fight my way thru, and probably make it, but will have no savings, no retirement, and if i get sick or if anything happens i will probably end up in bk..or i can file now...work my ass off again and bring my income up back up to where it used to be.

if i did that i can invest what i'm paying now and end up with over 300k in account after 10 years. ....

so again..i want to keep two properties...i can keep the third as it is under sorta a land contract, keep the saab, probably sell the mb, keep the sailboat worth $500.00 and no touch the CD's that are really my parents.

any help would be great!!!

oh i live in indiana.


i

[BKTango]

There's probably not going to be a way for you to keep ALL of what you are wanting to keep and file a chapter 7 not with Indiana's exemptions anyway. I assume since you stated you lived the good life you probably make more than the state's median income for one person so that means you would have to file a chapter 13, thats means 5 years of paying. But the benefit would be you would get to keep all of your assets as long as you are current on the payments. Or you could just pay off your debts in 10 years like you saiid. That's a hard choice you will have to make. There's too many little things that might cause issues for you in bankrutpcy. You selling off the property to your parents just a year ago, yes that would be a problem with the trustee. Your name being on their cd's might also be a problem. Someone else may come along and shed some more light on the subject but you really need to stop and think about your situation, you want to keep a $500,000 home basically is that thing paid for? If not you might want to rethink keeping that one, you said you are on the downside of income right now and you are self employed, what if the housing market just drops drastically, what are you going to do for income? I wouldn't want to be left holding that loan AND making payments to the trustee.

[keepmine]

Lord, you want it all don't you?
Noway on earth you file a Chapter 7 and get to keep investment properties.
I cringe at the interlocking arrangements you have with your parents finances.
Don't sell they the vechicle. The trustee can sue them to get the money back. The $200K-there is a place on the bk forms to note property in your possession that belongs to others but with $200K on the line and a history of financial transactions with your parents, look for the trustee to make a play for it.
Were I you, I'd see some lawyers. This thing is not a routine run of the mill bk.
Bk may not be the best solution to protect your parents. You may need to just downsize your lifestyle and try and sell the properties and pay those bills.

[BKOnce]

So much ambition... so much lost...

[Liaah]

I can't help with all the property and assest questions, but I also have my name mingled with dad's accounts. My attorney, in Indiana, said do not take my name off of the accounts before BK.

You will have disclose the accounts in BK, but it shouldn't be a problem.

I would definitely talk to a lawyer concerning this though.

Here is an article: http://www.infotapes.com/weba/Book/BankruptcyBook22.htm