About to inherit home, from mom.

[william adams]

Iam getting ready to file chapter 7,..In Az. Iam also about to inherit a home I've been living in for 13 years. (mom just Died). According to Chapter 7 statutes (In Az.): If a home is purchased withen 1255 days of the bankruptscy filing, then the home exemption decreases from 150,000- current market values. to 125,000. My prospective home(inheritance)..was just valued by a local real estate Broker at 145,000(after doing a comparitive study of area home sales and foreclosures). Seems like the crucial question is: Will they count an inheritance the same as a purchase and assess the same penalty? If so, Iam in deep trouble. The debt is 21,000 dollars on one credit card. It was moms card but I was a co-signer.Can anyone answer this question? Thanks. william [email protected]

[JRScott]

If your wondering if the home would be considered an asset, it is possible given what you say in this thread.

If your mother has passed away and your a co signer then yes you are now responsible for the 21k debt.

The home will I assume pass to you, and it will be considered an asset. If its paid for then by the estimate you have it would have 145k equity. What you might do is look over the property, anything need repairing....roof, walls, ceilings etc. If so might get a repair estimate for the property.

[Flamingo]

First, the last thing you want to do on a public forum is post your email, full name and location address. You are just asking for trouble and hopefully the mods will correct that for you. You have a similar posting like this stating that the deed is a "beneficiary" deed so if you are the beneficiary to this property it automatically becomes yours on her death and it is your responsibility and asset. I understand from your other posting that you have not filed yet (it's best to keep all thoughts and issues in one posting about one subject as it makes it easier for peoples' responses to this issue). You will need to take this matter up with your attorney and show him/her the documentatoin as to the house, your mother's passing, etc. and also the recent value obtained via the appraisal.

If you are a cosigner as you state on the credit card, the debt is your responsibility. If it was just in her name, her estate would be liable to pay the bill. The executor or executrix of her estate will need to go over all that information so if that is someone else besides you, make sure you provide them with all this information.