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Question, looking for advice

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  • Question, looking for advice

    Filling Chapter 7. I have a house that belonged to my mom who passed in 2005. The house belongs to my brother and I. We have a quit claim deed that we never filed. The mortgage is still in our moms name and I would prefer to leave it that way. Can I leave this out of the bankruptcy since it does not have my name on it? I own no other properties so I'm sure it can't be taken but would still like to not involve it. I pay the mortgage. Can I say it is my brothers house and I rent it and make the payments? I don't want to file the deed because my mom did some type of program where she was given 8k to improve the house and that has to be paid when ownership changes hands.

  • #2
    All I can say is your trustee will find it and if you have any equity at all which you apparently do you will lose it if you file. And transferring your share to your brother is a no no too unless he pays you half the marker value for it.

    My late grandfather who had the same name as me had property and it came up at my 341 hearing so yes trustees do their homework. In my case they were able to trace my grandparents doing transactions since I was two years which is all the work my attorney and the trustee needed to do. But don't worry the trustee will find out and it won't be pretty.

    I guarantee you had that property really been mine and in my control it would have been taken and I would have lost my discharge and possibly be in club Fed with a new stripey uniform.

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    • #3
      But nothing is in my name. Still in my mom's name. And there is no equity in the house.

      Comment


      • #4
        Awww misread that part my bad. If there's no equity or very little it may either be exempt or not worth pursuing. It's a complicated one but you will need to state if you own it or if you're making payments on it. Like for me I'm renting so I had to state how much I'm paying in my budget and my address is on my petition.

        Stay away from preferential transfers and since two of you are sharing and only you are filing you'd still get the full exemption but only responsible for half the value paid and half the equity as well.

        When you file the only thing that doesn't become everyone's business is pretty much your full SSN .

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        • #5
          Regardless of whose name is on title, if the house is half yours, your bankruptcy petition must say so. Omitting it can only lead to trouble.

          Are you sure that the requirement to pay the $8k applies to a transfer to a family member on death?

          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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