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Considering chapter 7 and I have 1/6 interest in property

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  • Considering chapter 7 and I have 1/6 interest in property

    Hi all,

    I have been lurking and reading for a while. I've had a few life turns (lost job of 15 years and 6 months later diagnosed with breast cancer...I am done with treatments and have no evidence of disease now)

    This is the first month we are not able to pay our house payment, but are current with everything else. My nerves are getting the best of me, so I am hoping to make a decision soon and just go with it BUT my father passed away right before my diagnosis. He lived on his fathers property, which they split 6 ways (with his siblings). His siblings put the property up for sale in oct 2011 and had me sign an agreement for it to be sold. My dad did not have a will and no debts or real assets.

    The tax assessment value is 60k, the sale price has been dropped to 110k..I believe it is actually less valuable due to the number of properties on the market now. Anyway I am not close to any of them except my uncle...and I hardly ever see him. The attorney told me that the trustee could auction off the property without giving them the chance to buy me out. I don't care about the money from the sale, but when it goes to auction they will be lucky to get 30k and split that 6 ways it won't be much..so I will be screwing 5 other people out of alot of potential money and when I think about my dad it breaks my heart...I haven't told my aunts and uncles yet., but I am thinking it would be best to file in June.

    Does any one have any advice...should I try to get them to buy me out beforehand or just leave it in the trustees hand. Because I am not close to them, I'm afraid they are going to think I am just trying to get my part now.

    I am in Virginia and I have 2 autos that are paid for in which I'm going to use the homestead allowance to cover the extra worth of the vehicles and my spouse is filing too, so I don't think I have enough to cover the 1/6 th of the land. Which value will the trustee use, the tax value or the asking price?

    Thanks in advance! This site is very helpful.

  • #2
    fist della welcome to the forum!!!! congrats on beating the "C", in this house we know it all too well! kudos to you and yours on that one and stay good!


    i have never heard of a situation where the trustee did not give the other owners the opportunity to buy out the value share in question. otherwise, the trustee would have to sell the property and pay them all first and take whatever is left, so it is much easier for the courts to attempt to negotiate the buy out share in question. also, many times now the courts are by passing small sums in lieu of all the hassles associated with the sale such as hiring someone to asset it, putting it on the market, waiting for it to sell and then splitting what sound like may be a very small amount of money.

    also, you didn't mention if you are filing bk or not for certain. this would only be an issue if you were filing bk or in the middle of it. otherwise, since you share is so small see if someone can buy you out and then you can use that money to get back on your feet? if you are not filing this is a non issue. however, if you end of filing within a certain time period (i believe it's two years for a deed transfer) you would have to list the property and what happened to it. of course by then you'd have spend your small share and i doubt that a trustee would ask you to repay it, that amount may even be covered with your exemptions, although i know you said it wouldn't.... it's difficult to know that at this very moment from this side of the computer

    additionally, one of them or all of them should get together and see about buying out your share if possible.

    we went through a similar situation and the trustee said TOO LITTLE money and TOO MUCH trouble for me to be involved with this. she looked at my atty and said we will discuss this later. the firm got back to us and said she's not interested at all, the property is out of state is worth almost nothing and it was purchased back by the other owners 1.5 years ago.
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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    • #3
      Thank you for the response, it leaves me feeling a little better. I'm almost sure we are gonna file. The land is really the last major thing to reconcile, I haven't summoned the courage to talk to them about it...I think I'd rather hid under a rock, but I guess it has to be done soon.

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      • #4
        if it helps, maybe write them a letter. or do you have an aunt or a cousin that you can speak to about the situation?

        i can understand your concerns about dealing with this, however, the last thing you want is for your relatives to get notified by the courts, so, while i understand all to well, how difficult it is to approach the situation, it would be far more difficult if they didn't hear it from you first...even if it's in a letter form, at least that way it may be more comfortable for you.
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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