Looking for any advice

[bckthuzs]

I don't know if this is an odd situation. I haven't seen anything posted like it yet. We are in the middle of getting ready to file. We sign papers next friday. How often and how if they do check on your income. We are planning on keeping the house and letting one vehicle go back. We are going to a buy here pay here to get another vehicle.
The thing is my grandfather is in the middle of doing his will and he wants me and my family to move to the farm and take over. I would be the trustee of the estate after he passes. That can be another 10 to 20 years. Anyway if we move we would rent the house out to keep the mortgage going and help build credit. We wouldn't have to pay any rent but the utilites are higher and it's an old farm house that is in need of some repairs(roof,windows,wiring,siding,etc.) We haven't decided yet, another factor would be the kids would be changing schools too. Should I bring this up to the attorney or let it slide. If we do move it wouldn't be until summer anyway. I just don't know how this would affect a chap 13. Any ideas on if it would?

[bkbiker]

[SinkingFast]

And, with the new law, the stance is guilty until proven innocent.

Because, heavens knows, EVERYONE who's ever filed BK ripped off the system. Took out debt they never intended to repay. Went on lavish vacations. Bought fur coats and expensive jewelry. Partied hearty with friends till their credit limits popped.

Sarcasm.

[Minnymouth]

As long as your grandfather owns the farm it is HIS.....
If you inherit it during a Chapter 13, it becomes part of your estate and is up for grabs.... to settle your debts.

Is grandpa in good health? Do you want to take a chance on whether he will live till after your Chapter 13 is over... 5 years + 1 year after discharge.

You said you plan on filing Chapter 13 and keeping your home, giving up one car and buying another.

Remember you cannot buy anything in Chapter 13 without the approval of the Trustee - this also means autos, since it will take away from your disposable income.

Also you said you were going to live on the the farm, yet keep your home? In doing this, since you will inherit the farm/home, then your own home becomes an asset to you.... its no longer your primary residence and may not be exempt.

Also if you pay no rent/house payments on the farm, then all this disposable money is available to trustee to put into the plan.

You seriously need to set down and talk with a financial advisor and a bankruptcy attorney on these issues.

You don't want to "cut your own throat" while waiting to pad your pocketbook (inheritance)....

Would grandpa consider you taking a loan against the farm to pay your debts or part of them?? Then sell your other residence so you can live on the farm? Then you would have funds to pay off the loan while your waiting to inherit it?

Many options open to you, find out the benefits of each one.... let us know what you decide and how you plan to handle it.... I'm curious...

[bckthuzs]

Thanks for the input. Grandpa is still in good health. Great grandpa still alive and he is 95. I wouldn't be able to do the loan because I wouldn't inherit the whole thing cause it would be split between me and 2 brothers. Also I have to make sure my mom is living comfotably while she is still alive. There is so many issues. We are still trying to decide what is best.

[Minnymouth]

You asked how this would affect a Chapter 13.

Well, since you will be making no house payment on the farm............ REMEMBER any disposable income that you have will be paid into your Chapter 13.

So if you have a LOT of disposable income it will go into the Plan....

Your attorney should be able to tell you how this will affect you.....