My fiance is considering bankruptcy, she currently owns a house that is not worth the primary, secondary, third equity loan but she wants to keep house.
Two years ago I bought two investment properties cash and placed them on her name as her credit was better than mine and I wanted to get my money back via equity lines. We have had our cash commingled so there is no way of proving what part of the money is hers and what part is mine. Currently I pay most of the bills in the house, in order to keep my properties I must buy them back from her at fair market value. Now in our savings we have about 70k.
Now the questions:
1- since the bank account is in both our names and the money has been contributed by both of us am I entitled to half the money? Could I pull my half and leave her the other half and put my money in a personal account? Now I need to clarify that most of it was money out of an auto accident but I pay our bills 6k per month from my cash in order not to use that money.
2- She does not make enough money to pay for her home without my assistance, the current amount out in debt is 370k and house worth maybe 280k. When she bought it she bought it with a non conventional loan "nodocs". The primary mortgage is about 2k a month, she makes approximately $1200 can she still do a chapter 13 and keep the house? Of course I am willing to pay the difference on the mortgage. Currently we are not late on any of our bills including mortgage. How would this work since we are not legally married?
3- If I cannot pull money from our joint account, I imagine that it would be acceptable if we pay all the bills from our joint account and I make no contributions thus saving my contribution money in my personal account? at 6k a month the savings will be depleted in less than a year.
4- The two investment properties have an equity line on each one of them, however until I recoup my portion of the money in our joint account I will not be in a position to buy them, I think that one now is worth less than what is owed and the other might have a little equity maybe 10 to 20k in it. If I am able to save enough to buy them how much time do I need from the time I buy them to the time she can file without easing any flags?
The reason for filing is due to credit card debt, we been carrying around this monstrous debt and no matter how hard I try I am unable to bring the debt down. At this rate we will never be able to repay it.
Two years ago I bought two investment properties cash and placed them on her name as her credit was better than mine and I wanted to get my money back via equity lines. We have had our cash commingled so there is no way of proving what part of the money is hers and what part is mine. Currently I pay most of the bills in the house, in order to keep my properties I must buy them back from her at fair market value. Now in our savings we have about 70k.
Now the questions:
1- since the bank account is in both our names and the money has been contributed by both of us am I entitled to half the money? Could I pull my half and leave her the other half and put my money in a personal account? Now I need to clarify that most of it was money out of an auto accident but I pay our bills 6k per month from my cash in order not to use that money.
2- She does not make enough money to pay for her home without my assistance, the current amount out in debt is 370k and house worth maybe 280k. When she bought it she bought it with a non conventional loan "nodocs". The primary mortgage is about 2k a month, she makes approximately $1200 can she still do a chapter 13 and keep the house? Of course I am willing to pay the difference on the mortgage. Currently we are not late on any of our bills including mortgage. How would this work since we are not legally married?
3- If I cannot pull money from our joint account, I imagine that it would be acceptable if we pay all the bills from our joint account and I make no contributions thus saving my contribution money in my personal account? at 6k a month the savings will be depleted in less than a year.
4- The two investment properties have an equity line on each one of them, however until I recoup my portion of the money in our joint account I will not be in a position to buy them, I think that one now is worth less than what is owed and the other might have a little equity maybe 10 to 20k in it. If I am able to save enough to buy them how much time do I need from the time I buy them to the time she can file without easing any flags?
The reason for filing is due to credit card debt, we been carrying around this monstrous debt and no matter how hard I try I am unable to bring the debt down. At this rate we will never be able to repay it.
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