How Do I Protect More than One House?

[aleutian]

I have a unique situation. I live in New Hampshire. I have a home here with no equity. I have my mothers houses that were left to me in Maine, $65,000 Equity with a small HELOC. I have a house that is co owned by me and my brother in NEW YORK $75,000 total equity $37,500 Mine. I have a lot $8,000 total equity co owned with my brother in New York. I am filing a chapter 13. Is there any way to protect all of this property under exemptions? Can I use the homestead exemption on the house in Maine. I am selling the house on a lease option in Maine. I'm trying to protect all of the property. I know federal exemptions protect some but not enough. Please don't suggest that I see an attorney as I cannot afford to pay $3,000 for them to file some paperwork. Yes I know I can put it in my plan but I don't want to add to it. I'm trying to avoid having to make an outrageous plan payment because of all the unprotected property. Can I protect it as a inheritence because it was left to me? any suggestions would be great.

[momofthree]

Your first post on the forum stated that you filed ch.7 pro-se. Was that case dismissed? Are you attempting to convert that case to a ch.13? What is the status of your ch.7? If you had difficulty filing your ch.7 pro-se, (I know you don't want to hear it BUT) you REALLY need to have an attorney to file your ch.13.

[aleutian]

Converting due to the too much property issue.

[newbie2]

I have a unique situation. I live in New Hampshire. I have a home here with no equity. I have my mothers houses that were left to me in Maine, $65,000 Equity with a small HELOC. I have a house that is co owned by me and my brother in NEW YORK $75,000 total equity $37,500 Mine. I have a lot $8,000 total equity co owned with my brother in New York. I am filing a chapter 13. Is there any way to protect all of this property under exemptions? Can I use the homestead exemption on the house in Maine. I am selling the house on a lease option in Maine. I'm trying to protect all of the property. I know federal exemptions protect some but not enough. Please don't suggest that I see an attorney as I cannot afford to pay $3,000 for them to file some paperwork. Yes I know I can put it in my plan but I don't want to add to it. I'm trying to avoid having to make an outrageous plan payment because of all the unprotected property. Can I protect it as a inheritence because it was left to me? any suggestions would be great.

My 2 cents: You're being penny wise and pound foolish.

You're trying not to lose close to $100,000 in equity in property or be forced to sell the property, and you're worried about having an attorneys Chapter 13 fee put in to the plan. The payback on that amount of equity is going to be quite high to begin with, adding perhaps $3000 more is only going to be about $50 more a month.

A Chapter 13 isn't a simple plan to file, that is why you won't find many who have done it pro-se and have been successful. If you are still set on filing it yourself, take the time to read as much as you can about the exemptions in your state and also purchase the NOLO book.

Good luck.

[despritfreya]

Your situation is not unique. You filed a Chapter 7 without the assistance of counsel and are now trying to go to a 13 to stop the 7 Trustee from taking your property. Have you already converted? The reason I ask is that you do not have the absolute right to convert and I wonder if the 7 Trustee will oppose the conversion based upon the USSC decision in Marrama v. Citizens Bank of Mass.

It appears you have the following property:

Home in NH with no equity
One or more residential properties in Maine with $65,000 in equity
A ½ interest in a house in NY with total equity of $75,000 ($37,500 yours)
A ½ interest in a lot in NY with total equity of $8,000 ($4,000 yours)

Question: Can I use the homestead exemption on the house in Maine?

Answer: No. It is not your residence and by your own admission you are selling it.

Question: Is there any way to protect all of this property under exemptions?

Answer: No. Maybe a small portion can be protected by some wildcard but that is it.

Question: Can I protect it as a inheritance?

Answer: No.

Statement: I'm trying to protect all of the property.

Response: Then you should never had filed a Chapter 7.

Statement: I'm trying to avoid having to make an outrageous plan payment.

Response: Then liquidate the property for the benefit of your creditors.

Bottom line. I have seen many, many cases just like yours. In each, the debtor was trying to keep property and not pay a dime or very little to the creditors. None of them were successful and, in the end, the 13s were reconverted and the 7 Trustees had a field day.

You are now in the bk system. You will not be getting out so figure a way to pay your creditors the value of the non exempt assets or let the Chapter 7 Trustee do his job. And, yes, you better find an attorney because you are in way over your head.

Des.