maybe there is a way..

[floridian]

those of you who have followed my saga, know that i couldnt qualify for a 7 due to excess dmi and over the median..i wont accept a 13...

well, im getting married next week, so things are changing.. she has perfect credit and is in a job that is slow due to the economy...

with her income, i still cant qualify for a 7... we talked and she suggested that she leave her job and stay at home to tend the pets.. her back has been giving her trouble, because she had to stand all day..

we could get-by ok on just my income and we wouldnt be over the median for the means test..

so, does she have to be without an income for 6 months prior to filing?.. would this work? im going to talk to my lawyer in about 2 weeks...

if this would qualify me for a 7, i assume it wouldnt affect her credit and i could flush the toilet in a 7...

am i missing something??

[jribe]

you need to make sure that the six month look back keeps you either under median or you have enough expenses to not have over $100 DMI on your schedules.
So the timing is something you need to calculate as far as that goes..

Since you don't have anything joint; i would assume her credit would be fine.

However, once she stops working- she won't have any income to qualify for any type of credit. You would need to apply jointly- since you are the one with income. Then the BK would be considered. But again, that's up to you if it even matters.

those of you who have followed my saga, know that i couldnt qualify for a 7 due to excess dmi and over the median..i wont accept a 13...

well, im getting married next week, so things are changing.. she has perfect credit and is in a job that is slow due to the economy...

with her income, i still cant qualify for a 7... we talked and she suggested that she leave her job and stay at home to tend the pets.. her back has been giving her trouble, because she had to stand all day..

we could get-by ok on just my income and we wouldnt be over the median for the means test..

so, does she have to be without an income for 6 months prior to filing?.. would this work? im going to talk to my lawyer in about 2 weeks...

if this would qualify me for a 7, i assume it wouldnt affect her credit and i could flush the toilet in a 7...

am i missing something??

[AngelinaCatHub]

OK, here is an option. (disclaimer coming: in NO WAY, do I endorse corruption of the honest facts that has to be given to the Federal Court) she is having back trouble? Is this documented by a doctor? There is a law for a three month leave without pay for emergency things such as medical, child birth, or other personal problems. Ask your lawyer or STALL THE WEDDING. It will all work out. 'Hub

[floridian]

i was just told that she has money (inheritance) in savings, will that be held against my bk? she has been dipping into her savings to live off of, but still has 20k left..

[AngelinaCatHub]

i was just told that she has money (inheritance) in savings, will that be held against my bk? she has been dipping into her savings to live off of, but still has 20k left..

20K is not much all things being as they are in the Country. It will go fast. It was hers before marriage and in this state FL it is not a community property state and her before marriage property does not commingle with yours.

As far as her income, that is a different situation as she will bring in money after the ceremony. I really am not sure about her own assets interfering with yours. If you are filing alone this I'm not sure of. Perhaps PM "justbroke" He has a way of researching that he patented, and if anyone can find this out, he can. 'Hub

[AngelinaCatHub]

This may help

Small Details Can Sink Asset Protection Planning

Its very important to pay attention to all items on financial account applications, bank account agreements, bills of sale, vehicle titles, and all other transfer documents. For instance, one of my debtor bankruptcy clients married a man who is a commercial fisherman. The husband bought a commercial fishing vessel for all cash using money he earned from his profession and proceeds from the sale of an exempt piece of real property owned jointly with his spouse, my client. Commercial vessels have to be registered and titled by the U.S. government, and an application for new title is typically submitted by private title agencies that deal in these type of commercial boats. My client’s husband hired such a private title company which sent a form to the boats prior owner for his signature in order to initiate title transfer. The form included several boxes to be checked, each indicating a different form of joint ownership. One of the boxes was for “tenants by entireties”; another for joint ownership with survivorship; and another for community property. The standard language on the form stated that if none of the boxes were checked it any joint ownership as tenants in common would be presumed. If the boat were owned tenants in common the bankruptcy estate could claim my client’s undivided interest amounting to 50% of the fishing boat.

The seller filled out the form naming my client and her husband as joint owners with rights of survivorship, and the seller signed the form. Neither my client nor her husband signed the application for title. However, the seller did not check any of the boxes. My client claimed the fishing boat was exempt as a tenants by entireties asset because the title application listed here and her husband as joint owners. Yet, the story does not end here.

The bankruptcy trustee now argues that because no boxes were checked the boat is owned tenants in common by virtue of the standard form language even though my client did not fill out or sign the form. As a result my client has to either incur significant legal fees to contest the trustee’s objection to the tenants by entireties exemption or pay the trustee substantial amount of money to settle the disagreement. An innocent oversight in a transfer document will cost my client significant amounts of money regardless of her decision to fight or settle.

Perhaps the lesson is that in order to protect assets using Florida exemptions such as tenants by entireties debtors must pay very careful attention to all details of ownership. Laymen typically ignore small print and boxes on standard forms because they don’t appear to be significant. What may not appear meaningful to a layman can have legal significance in asset protection planning. A small legal error opens the door for creditors to challenge exemptions, and even if the creditor’s position is wrong or extreme, the debtor will at least incur legal costs to defend their exemption, and there is always a risk that a result-oriented judge will rule against the debtor. When you implement your asset protection plan make sure you have the assistance of someone with experience and knowledge.


posted by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida

http://floridaassetprotection.blogs.com/alperlaw/bankruptcy_planning/

The intent of this posting is that many things can legally be exempted if worded right. About the fiance's funds, if you have a lawyer this would be wise to confer with him. I'll try for more info. 'Hub

[floridian]

thanks hub.. i have an appt on jan 11 to talk to my lawyer again...it sure would be nice, if i could swing a 7..
it would give me a warm fuzzy feeling, if r----- lawfirm had to eat the summary judgement he got last week... even though i was told that he cant hurt me financially, hes still busting my chops..

if she quit work,(which she will sooner or later anyway, because of her back surgery).. i would be under the median income by about 3k bucks per year..

[floridian]

just curious, is a marriage legal for tax and bk purposes from the day of the ceremony, or the day its recorded at the clerks office?