A few important questions, please help

[bellessima]

I am filing Ch7 in Arizona.

Just a few questions as am reading NOLO as a guide.

I am not certain about the followsing.

I want to saty in my condo for now but want to walk away if I can no longer pay in the future. Interest only loan house is worth 55% less than I paid. No equiry.

1] do I list this home on Schedule C and exempt it ?

2] Do I also list my condo on Schedule D?

3] Do I list back RE taxes at all and if so is that on schedule E or F?

4] My x spouse got car last year. Do I need to list this since I am on the title? if so where? Schedule D?
My x is paying for the car.
How do list on SOFA? my x does not want to loose the car.

5] have one rental property that i still receive money from

5] where do I list this E?

Thank you kindly for all you help

[justbroke]

1] do I list this home on Schedule C and exempt it ?

You list it on Schedule A under Real Property. Since Arizona doesn't have an "unused homestead exemption wildcard", you could still just exempt it, although it's useless. That means it goes on Schedule A and is exempted under Schedule C. Use the appropriate A.R.S. code to exempt the property.

1]2] Do I also list my condo on Schedule D?

Yes, It would go on Schedule A (Real Property), Schedule C (Exemptions), and Schedule D (Secured Creditors). You put it on Schedule D because you have a loan on it. Please note, that your Statement of Intentions should probably read "Other: Retain and Pay" if you're trying to do the so-called Ride-Through. Whether you can "ride-through" in your District is not known personally by me.

1]3] Do I list back RE taxes at all and if so is that on schedule E or F?

This depends on whether your State imposes, by statue, a statutory lien for real estate taxes. Almost all States do, so this would actually be a secured debt and go on Schedule D. You will need to determine this for Arizona.

1]4] My x spouse got car last year. Do I need to list this since I am on the title? if so where? Schedule D? My x is paying for the car. How do list on SOFA? my x does not want to loose the car.

Yes, you need to absolve yourself of any liability. It goes on Schedule D (Secured Debt), and on the Statement of Intentions (not Statement of Financial Affairs), it would be listed as surrender. Because you list it as "surrender" just means that you're giving up your rights. Your ex-spouse would need to maintain payments and on time or suffer repossession.

1]5] have one rental property that i still receive money from... where do I list this E?

What are your intentions? First, it wouldn't go on Schedule E. It would go on Schedule A (Real Property) and Schedule D (Secured Creditors) if you have a mortgage on it. if you have no mortgage, it only goes on Schedule A. The problem will be, if you own it outright, that you'll probably have to turn it over to the Trustee for liquidation.

[bellessima]

You list it on Schedule A under Real Property. Since Arizona doesn't have an "unused homestead exemption wildcard", you could still just exempt it, although it's useless. That means it goes on Schedule A and is exempted under Schedule C. Use the appropriate A.R.S. code to exempt the property.

Yes, It would go on Schedule A (Real Property), Schedule C (Exemptions), and Schedule D (Secured Creditors). You put it on Schedule D because you have a loan on it. Please note, that your Statement of Intentions should probably read "Other: Retain and Pay" if you're trying to do the so-called Ride-Through. Whether you can "ride-through" in your District is not known personally by me.

This depends on whether your State imposes, by statue, a statutory lien for real estate taxes. Almost all States do, so this would actually be a secured debt and go on Schedule D. You will need to determine this for Arizona.

Yes, you need to absolve yourself of any liability. It goes on Schedule D (Secured Debt), and on the Statement of Intentions (not Statement of Financial Affairs), it would be listed as surrender. Because you list it as "surrender" just means that you're giving up your rights. Your ex-spouse would need to maintain payments and on time or suffer repossession.
Do I list my x as a codebtor on Schedule D
and also on Schedule H?
What are your intentions? First, it wouldn't go on Schedule E. It would go on Schedule A (Real Property) and Schedule D (Secured Creditors) if you have a mortgage on it. if you have no mortgage, it only goes on Schedule A. The problem will be, if you own it outright, that you'll probably have to turn it over to the Trustee for liquidation.

How can I possibly ever thank you for your prompt response and clarification to these many questions. I am in awe and you are awesome!

Do I need to list property taxes for the property that is in foreclosure that I do not want to keeo ....and I already had one foreclose (rental) do I need to list those unpaid re taxes also?

Thank you so much.

[justbroke]

Always list all debt. Unpaid property taxes are debt, so just list them. If your soon to be ex-spouse is a co-debtor, then the co-debts need to be listed.

[bellessima]

Always list all debt. Unpaid property taxes are debt, so just list them. If your soon to be ex-spouse is a co-debtor, then the co-debts need to be listed.

We were divorced and final last year....do I still list my x on both D and schedule H?(car)

Where would I list a possible tax refund to exempt it? {?tax refund]}

As I am not reaffirming my condo.......... am I still all right to list it on schedule C?

I did rest better last night thanks to your help!

Thank you very much

[justbroke]

We were divorced and final last year....do I still list my x on both D and schedule H?(car)

As stated, if he's an actual co-debtor (on the loan), then you list him on the Co-Debtor Schedule (Schedule H). If there's a loan on the car, you list it on Schedule D (Secured Claims). You also list the car on Schedule B (Personal Property)

Where would I list a possible tax refund to exempt it? {?tax refund]}

Schedule B (Personal Property), and Schedule C (Exemptions)... if you can find a wildcard code to exempt the cash value of any "anticipated" tax refund.

As I am not reaffirming my condo.......... am I still all right to list it on schedule C?

You would not need to exempt it, but I think the point is moot in Arizona.

[bellessima]

As stated, if he's an actual co-debtor (on the loan), then you list him on the Co-Debtor Schedule (Schedule H). If there's a loan on the car, you list it on Schedule D (Secured Claims). You also list the car on Schedule B (Personal Property)

Schedule B (Personal Property), and Schedule C (Exemptions)... if you can find a wildcard code to exempt the cash value of any "anticipated" tax refund.

You would not need to exempt it, but I think the point is moot in Arizona.

Please clarify regarding Schedule D

My original cost was 229,999 /mtg amount 185K on the first and 23 on the second

In the first column do i list the total 185+23 of both=208K for the value/ the first and second mortgages/
and then list the second mortgage as unsecured 23K?

the current value as per the market is now 45-50% less??
not sure how to list the value.

Thank you again

[justbroke]

Please clarify regarding Schedule Dj

This should be in the NoLo book. You make in entry on Schedule D (Secured Creditors) for each loan against your home. Even if both loans are with the same company. You list the current balance of the loan.

You can't list it as unsecured because no mortgage is never technically "unsecured" because the lien is usually in place regardless of "value". Unless a Court has made a determination and issued an order declaring some mortgage to be "unsecured" and released the lien, then the loan continues to be secured, regardless of value.

[bellessima]

Thank you

This should be in the NoLo book. You make in entry on Schedule D (Secured Creditors) for each loan against your home. Even if both loans are with the same company. You list the current balance of the loan.

You can't list it as unsecured because no mortgage is never technically "unsecured" because the lien is usually in place regardless of "value". Unless a Court has made a determination and issued an order declaring some mortgage to be "unsecured" and released the lien, then the loan continues to be secured, regardless of value.

Thank you ever so much!