New with a question about an Asset I Own

[Greenjeans]

Hi,
I've been considering Bankruptcy for several months. Lost my job over a year ago and been thru several since. All pay half what I used to make and my credit debt is around $50K. Good thing my husband is still gainfully employed. But we are barely making it...sometimes food is not an option

The thing I fear the most is that we own a cabin on about 5 acres of land valued at about $30,000. This land/cabin is in another jurisdiction then where I would file the bankruptcy.

I'm afraid the court would take it. I've wondered if I could quit claim it to my Father in Laws Trust, Quit claim it to our adult children or just not 'disclose' that I own it to protect it. This land/cabin is very dear to us.

Anyone here have some advice regarding this matter?

Thanks

[BassBoy]

Do not transfer any assets before filing and do not non-disclose the property. If you transfer the asset, the trustee can seize it regardless, unless you can exempt it and if you do not disclose it, you could have your case dimissed for "hiding" the asset.

[newimges]

Do you owe anything on the cabin?

Not disclosing it is definitely not a good idea but depending on the exemptions in your district - you might be able to exempt it.

[Greenjeans]

Okay.....then what? How can I keep it?

[Greenjeans]

Do you owe anything on the cabin?

Not disclosing it is definitely not a good idea but depending on the exemptions in your district - you might be able to exempt it.

We own it free and clear

[BassBoy]

You may have to provide more information for us to help you, like where you live and where the cabin is located.

[Greenjeans]

I live in Anchorage Alaska (Anchorage Muni) and my cabin/land is a few hours north in the Matanuska-Susitna Valley (Close to the tallest Mt. in North America; Denali or McKinley to those who don't know its real name)

[kiddles]

Look up the exemptions for Alaska.

Will you both be filing, or will you be filing alone? If you file alone, do you own the property jointly with your DH or is it in your name only?

[newimges]

I looked up Alaska exemptions and since the cabin is not your homestead and Alaska doesn't offer a wildcard exemption I don't see how you can keep it. There really isn't an exemption that would allow you to.

[Greenjeans]

We would file together and we both own it. (The marriage is not facing bankruptcy )

[Greenjeans]

I looked up Alaska exemptions and since the cabin is not your homestead and Alaska doesn't offer a wildcard exemption I don't see how you can keep it. There really isn't an exemption that would allow you to.

What if I sold it to family?

[newimges]

Don't sell it to family. This would look like you were trying to hide assets and it would be taken anyway.

[newimges]

If you haven't filed for bankruptcy yet and you did sell it to family - you would have to wait a long time to file so that it wouldn't look suspicious.

[Greenjeans]

How long is a long time? 6 months?

What about a chapter 13?

[Greenjeans]

Don't sell it to family. This would look like you were trying to hide assets and it would be taken anyway.

I'm sure it would look like that

I don't want to lose it. We plan to make it our home later in life...we built the cabin ourselves and it was alot of blood sweat and tears