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Before the Trustee liquidates.....

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  • Before the Trustee liquidates.....

    My real property is going to be sold under a chapter 7. I ask this question, can I donate it to Habit For Humanity rather than have it liquidated for the creditors? I have not started any of the process yet except for a consultation.

    Thanks for the information.
    - Marty

  • #2
    Originally posted by privateuser View Post
    My real property is going to be sold under a chapter 7. I ask this question, can I donate it to Habit For Humanity rather than have it liquidated for the creditors? I have not started any of the process yet except for a consultation.

    Thanks for the information.
    - Marty
    Marty, you cannot do that now. It no longer belongs to you but the estate. It would be recovered and sold anyway. The Trusty no doubt would be pretty pizzed if you attempted to transfer property, and he could cause your dismissal. 'Hub

    Edit: I didn't see that you have not filed. You can do anything you wish at this time. Except, file bankruptcy and this still would appear a fraudulent transfer to cheat the creditors. Remember the Trustee works for the creditors, even though some are very nice to debtors.
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

    Comment


    • #3
      First off, why would the trustee sell it. Does it have equity; is there a mortgage against it; do you own it free and clear?

      Let's assume the later, that you own it free and clear and there is no exemption.

      Prior to filing BK you donate to HFH (of course, this assumes they are willing to take it), my guess is, the trustee would simply get the property back from HFH and it is unlikely they would put up a fight to keep it. (why would they).

      Interesting idea, granted, but it would be moot.

      Comment


      • #4
        Okay.....

        This is why I ask. What does the trustee use for a dollar amount on the home? Appraised, Assessed, Market Value, etc. The home is owned outright free and clear..... condemned by the city(water shutoff) uninhabitable to say the least..... a empty shell.

        Thanks again.
        - Marty

        Comment


        • #5
          The value is whatever someone would actually pay for it.

          If the house is condemned and unusable, it is unlikely the trustee would bother with it. So the next question, if the property really is in that condition, why do you care?

          Comment


          • #6
            I care.....

            On a consultation, the meeting was cut and dry "...you will have to forfeit the real property". Obviously it was not a consultation in my best interest. This is the only asset I have. I rent, the home was bought on borrowed money and well things where not done properly to secure the property for the lender(father). I was planning on a renovation and moving in on completion.

            Those plans have been scrapped due to unforeseen events.
            - Marty

            Comment


            • #7
              Originally posted by privateuser View Post
              On a consultation, the meeting was cut and dry "...you will have to forfeit the real property". Obviously it was not a consultation in my best interest. This is the only asset I have. I rent, the home was bought on borrowed money and well things where not done properly to secure the property for the lender(father). I was planning on a renovation and moving in on completion.

              Those plans have been scrapped due to unforeseen events.
              - Marty
              Well, just because an attorney tells you something you don't want to hear, doesn't mean the consultation was not in your best interest. Would you rather the attorney sugar coat it or provide you with false hope?

              The attorney is correct, the home is subject to seizure in a BK, no way around that. However, trustees are also "practical," although the trustee has every legal right to take the property, they may choose not to if doing so will create costs or the ability to sell it would be questionable. But you and your attorney have not control over that decision by the trustee.

              Comment


              • #8
                Hey Marty, what state are you in? If you are in a Homestead state, and wish to keep that house, I would get a builders pole (electric) a conditional water turn on, and build the house. That is me as I've roughed it well in the past. I've even tented while building stuff. I like doing it. Where are you living now? Use that rent money towards materials. I am rebuilding my ruined house (2004) hurricane a stick at a time. I am fortunate in that I have two livable cabins on our farm. If you are in a Homestead state, you must file an affidavit of homestead on that property. 'Hub
                If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                Comment


                • #9
                  The following is just my opinion. It is provided without any intent to establish an attorney-client relationship. I don't know any confidential information regarding your situation, I am not a debt relief agency and it is likely that I am not even licensed in your jurisdiction anyway.... so please check anything I say with your own attorney.

                  How urgent is it that you file your bankruptcy now? You might want to consider taking the necessary steps to properly perfect a security interest in favor of your lender. If you can then hold off on filing for at least 1 year, it might be worth trying ...

                  Such after-the-fact perfection maybe a recoverable preference (i.e. nullified) if your BK is filed within a year. On the other hand, to the extent the loan was made with the intent that your father would get a mortgage and was just not recorded ... maybe the transfer of the security interest could be said to have occurred prior to the 1 year period. Things get even more complicated when you take into account whether or not you father paid off the prior lien ... it may be that he was or is entitled to step into the prior lender's lien position.

                  Bottom line -- do not donate the house just yet. Such a donation, unless you had a history of such, would be likely to just cause the charity grief and cause both you and the charity to incur additional legal fees.

                  Have your father talk to an attorney ASAP to see what can still be done, given your situation.

                  Just my 2 cents.
                  The opinions above are not and should not be considered legal advice or establish an attorney/client relationship. In addition, I have no knowledge of any confidential facts, am not a debt relief agency, and probably don't have the right to practice in your jurisdiction anyway ... so, please talk to your own attorney.

                  Comment

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