Can I put my wife on Title to claim the credit - Page 2

awayalways · 11-07-2009, 05:52 AM

OP check your states laws on titles because here in Florida I just purchased a house this year in My Name Only and title company said DH's name must be on the title. I didnt want to do this because DH had not filed BK yet but they said it was Florida law that married couples must both be on the title. But it really didnt matter anyways for us because Florida has a high homestead exemption.

StartingOver08 · 11-07-2009, 05:58 AM

You have a good point pcn. I don't know the OP's total situation but it certainly sounds like he has other alternatives to filing.

StartingOver08 · 11-07-2009, 06:03 AM

Quote:

Originally Posted by awayalways

OP check your states laws on titles because here in Florida I just purchased a house this year in My Name Only and title company said DH's name must be on the title. I didnt want to do this because DH had not filed BK yet but they said it was Florida law that married couples must both be on the title. But it really didnt matter anyways for us because Florida has a high homestead exemption.

This is not correct. Married couples do not have to be on the title together. I am a Realtor for the past 30 yrs and close properties all the time where one party is on the title and another is not on title. In order to hold title by TBE (Tenancy by the Entriety) then both names need to be on the title, but you can hold title other ways (tenancy in common or joint tenancy come to mind). You can also have one person on title even if they are married. Happens regularly here in Fl. Sometimes a lender will state how you have to hold title to receive the funds.

ando · 11-07-2009, 07:29 AM

Quote:

Originally Posted by StartingOver08

Why don't you sell your home instead of filing BK? You have more than enough equity to pay off the debt and still have funds to buy another home or rent while you get back on your feet. You will not be under the watchfull eye of the Trustee - you can work with the creditors especially since some of them are settling for pennies on the dollar.

buy another house with $30,000?

ando · 11-07-2009, 07:31 AM

Quote:

Originally Posted by awayalways

OP check your states laws on titles because here in Florida I just purchased a house this year in My Name Only and title company said DH's name must be on the title. I didnt want to do this because DH had not filed BK yet but they said it was Florida law that married couples must both be on the title. But it really didnt matter anyways for us because Florida has a high homestead exemption.

Here in NY both names have to be on title to get full exemption, since is only my name on title, I only get credit for one exemption.

pcn · 11-07-2009, 07:51 AM

30k is a 20% down payment on a 150k house. Not sure what % you need in today's market, or what home values are in your area. Maybe you could get a home equity loan for more and use for the down payment on the new home.

ando · 11-07-2009, 08:11 AM

Quote:

Originally Posted by pcn

30k is a 20% down payment on a 150k house. Not sure what % you need in today's market, or what home values are in your area. Maybe you could get a home equity loan for more and use for the down payment on the new home.

well , here in NY $30 grand will buy you a hut, or a hot dog cart , or a nice truck to sleep in , but what if the weather gets cold? lol

ando · 11-07-2009, 08:17 AM

well , actually I put my place for sale , but I am hoping creditors won't sue me before the sale is over If they just hold on little longer so I can use the proceeds to settle with them.

If they get aggressive and threaten to sue , I might have to file chapter 7 and liquidate my assets

pcn · 11-07-2009, 08:22 AM

What is your current home worth? Or, how much are you listing it for?

ando · 11-07-2009, 08:31 AM

It was appraised at 185 grand, but these are rough times and no one buying , it'll probably end up selling for less borderline 170 , it has 38 grand mortgage

ando · 11-07-2009, 08:35 AM

and since I haven't been paying my credit cards since Jan, my credit score is shot, so forget about getting another mortgage with favorable interest rate.

OhioFiler · 11-07-2009, 09:07 AM

Chapter 7 is not for you.

drowningNdebt · 11-07-2009, 10:05 AM

If I were in your shoes, I too would sell the house and payoff all my debts. You will have plenty to put down on a new house with the remaining money. You can even have the checks cut at closing and mailed to the creditors.

ando · 11-07-2009, 10:42 AM

ok let say for argument sake that I settled for 30% with my creditors, what about the 70% ? wouldn't that have to be declared as income on 1099 that they send you after that? Then I will end up owing uncle Sam a big chunk of that am I right? and then not mentioning the collecting agencies going after you for the rest. Wouldn't it be easier to file chapter 7 and not worry about all the hassle?

drowningNdebt · 11-07-2009, 10:49 AM

how much total debt we talking here? I had $16700 secured and $65,000 unsecured. I had no choice as I had nothing since I have been unemployed for a year. And yes, you will be 1099 by the creditors and you must pay tax on it.

11-07-2009, 05:58 AM	#17
StartingOver08 Registered User B/F Guru Join Date: Oct 2008 Location: SE Florida Posts: 3,486	You have a good point pcn. I don't know the OP's total situation but it certainly sounds like he has other alternatives to filing.
	Filed CH 7 9/30/2008 Discharged Jan 5, 2009! Closed Jan 18, 2009 I am not an attorney. None of my advice is legal advice in any way, shape or form.

11-07-2009, 10:05 AM	#28
drowningNdebt Registered User B/F Newbie Join Date: Nov 2008 Posts: 235	If I were in your shoes, I too would sell the house and payoff all my debts. You will have plenty to put down on a new house with the remaining money. You can even have the checks cut at closing and mailed to the creditors.
	9/22/2009 - officially filed chapter 7 11/03/2009 - scheduled 341 - COMPLETED trustee reported no assets for distributation 01/04/2010 - last day for objections

11-07-2009, 10:49 AM	#30
drowningNdebt Registered User B/F Newbie Join Date: Nov 2008 Posts: 235	how much total debt we talking here? I had $16700 secured and $65,000 unsecured. I had no choice as I had nothing since I have been unemployed for a year. And yes, you will be 1099 by the creditors and you must pay tax on it.
	9/22/2009 - officially filed chapter 7 11/03/2009 - scheduled 341 - COMPLETED trustee reported no assets for distributation 01/04/2010 - last day for objections

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11-07-2009, 05:52 AM	#16
awayalways Registered User B/F Newbie Join Date: Mar 2009 Posts: 76	OP check your states laws on titles because here in Florida I just purchased a house this year in My Name Only and title company said DH's name must be on the title. I didnt want to do this because DH had not filed BK yet but they said it was Florida law that married couples must both be on the title. But it really didnt matter anyways for us because Florida has a high homestead exemption.

11-07-2009, 07:51 AM	#21
pcn Registered User B/F Contributor Join Date: Feb 2009 Location: Alabama Posts: 340	30k is a 20% down payment on a 150k house. Not sure what % you need in today's market, or what home values are in your area. Maybe you could get a home equity loan for more and use for the down payment on the new home.

11-07-2009, 08:17 AM	#23
ando Registered User B/F Newbie Join Date: Jul 2009 Posts: 69	well , actually I put my place for sale , but I am hoping creditors won't sue me before the sale is over If they just hold on little longer so I can use the proceeds to settle with them. If they get aggressive and threaten to sue , I might have to file chapter 7 and liquidate my assets

11-07-2009, 08:22 AM	#24
pcn Registered User B/F Contributor Join Date: Feb 2009 Location: Alabama Posts: 340	What is your current home worth? Or, how much are you listing it for?

11-07-2009, 08:31 AM	#25
ando Registered User B/F Newbie Join Date: Jul 2009 Posts: 69	It was appraised at 185 grand, but these are rough times and no one buying , it'll probably end up selling for less borderline 170 , it has 38 grand mortgage

11-07-2009, 08:35 AM	#26
ando Registered User B/F Newbie Join Date: Jul 2009 Posts: 69	and since I haven't been paying my credit cards since Jan, my credit score is shot, so forget about getting another mortgage with favorable interest rate.

11-07-2009, 09:07 AM	#27
OhioFiler Registered User B/F Guru Join Date: Feb 2009 Posts: 2,075	Chapter 7 is not for you.

11-07-2009, 10:42 AM	#29
ando Registered User B/F Newbie Join Date: Jul 2009 Posts: 69	ok let say for argument sake that I settled for 30% with my creditors, what about the 70% ? wouldn't that have to be declared as income on 1099 that they send you after that? Then I will end up owing uncle Sam a big chunk of that am I right? and then not mentioning the collecting agencies going after you for the rest. Wouldn't it be easier to file chapter 7 and not worry about all the hassle?