Ch.7 Questions in Florida.

[roozterdvx]

Hi all,

I'm a complete wreck over this and am so glad I found this forum. Hopefully, I can use you guys to help me through this....


Wy wife and I are looking at filing Ch.7, her hours were cut back over a year ago and we were able to survive on my salary, our savings, and credit cards up until 2 months ago.
The credit card bills are now behind except for one which we agreed not to use unless emergency, the phone rings off the hook from 8:30am-8:30pm. We're afraid to pick up and alway look at the caller id..
The mortgage is up to date and so is the car payment. Utillity bills are current. It's just the unsecured credit at this point and hopefully I can keep it this way.

I live in an unincorporated town and I own a 1/2 acre lot adjacent to my homestead property. I'm not positive but I think my homestead exemption covers my lot since I am outside of "the geographical limits of a municipality". Is there any way that I get to keep this property?

My wife and I also owe a substantial amount of money to my parents from when we built the house 6 years ago. My dad knows my situation and says he would take my truck and boat as payment. I'm not too crazy about the idea but both are paid in full. The truck is 9 years old and the boat is 10 years old. Neither is in pristine condition and together they're worth less than what I owe my parents. There is no "legal record" of the loan they gave us.
Can I have my Dad sign a statement about the loan and have it notarized?

I'll be calling some attorneys when I get home from work to try to schedule an appointment.
My wife and I are at our breaking point. We've never been in this kind of situation and are really stressing over this.
I can't believe that everything we've worked so hard for could be gone just like that. We don't have enough in our savings to cover attorney fees, maybe not even filing fees.

[PoorGrammyinBK7]

Hi all,

I'm a complete wreck over this and am so glad I found this forum. Hopefully, I can use you guys to help me through this....


Wy wife and I are looking at filing Ch.7, her hours were cut back over a year ago and we were able to survive on my salary, our savings, and credit cards up until 2 months ago.
The credit card bills are now behind except for one which we agreed not to use unless emergency, the phone rings off the hook from 8:30am-8:30pm. We're afraid to pick up and alway look at the caller id..
The mortgage is up to date and so is the car payment. Utillity bills are current. It's just the unsecured credit at this point and hopefully I can keep it this way.

I live in an unincorporated town and I own a 1/2 acre lot adjacent to my homestead property. I'm not positive but I think my homestead exemption covers my lot since I am outside of "the geographical limits of a municipality". Is there any way that I get to keep this property?

My wife and I also owe a substantial amount of money to my parents from when we built the house 6 years ago. My dad knows my situation and says he would take my truck and boat as payment. I'm not too crazy about the idea but both are paid in full. The truck is 9 years old and the boat is 10 years old. Neither is in pristine condition and together they're worth less than what I owe my parents. There is no "legal record" of the loan they gave us.
Can I have my Dad sign a statement about the loan and have it notarized?

I'll be calling some attorneys when I get home from work to try to schedule an appointment.
My wife and I are at our breaking point. We've never been in this kind of situation and are really stressing over this.
I can't believe that everything we've worked so hard for could be gone just like that. We don't have enough in our savings to cover attorney fees, maybe not even filing fees.

Hi and welcome to the forum. Most of us here are just like you - never been through anything like this and always paid our bills - but something happened...

I can't answer most of your questions, but as for the loan from your Dad:

If you pay him back over $600 in the 90 days before filing (and I am sure this would include signing over the truck and the boat), this is considered a preference and the trustee will take it back. Actually, since your Dad is related, he is an "insider" and that goes back a year - and possibly more. So DON'T DO IT!!

Probably you can list your dad as a creditor though - someone with more experience will hopefully clarify this.

[jessegirl]

If you give your dad the truck and boat it will defiantely be looked at as fraud. From what I have learned here is that would be called preferinal payment and that would be trouble for you. Can't your dad wait until after the BK and then you can pay him back?

The trustee's are not stupid and would realize that you are signing over those items so that they are not taken. Be very careful... I am sure someone else will explain this better.

Goodluck.

[BassBoy]

Welcome to the forum. I'm sorry to hear that you're going through this. It's a hard thing to go through and all of us have been there, so we know how you feel.

The one part about your post that caught my attention was the truck and boat to be used as repayment of a loan. It is not wise to transfer any property if you'll be filing BK. I would go with the last part of that about having some sort of Promissory Note drawn up. Of course, you'll have to add your Father as a creditor on your BK petition, but you are allowed to repay any debt post BK and I'm sure your Father will be willing work out an agreement after your BK.

[PoorGrammyinBK7]

Depending on what the truck is worth - it might be exempt (I think its $1,000 in Florida for equity on vehicles) and then of course you could sign it over to your dad AFTER your BK is over, or maybe even before its completely over - not sure on that.

[roozterdvx]

My dad has no problem waiting for the money that we owe him.
I really don't want to loose my truck, transportation, the boat I can do without. Giving them over to my dad would just wipe out what we owe him although it does nothing for my unsecured debt.
It's just a bad situation...work to pay off what you've bought then lose it all.
So it looks like I'll be losing the boat and truck and still have a debt owed to my parents.

The truck is worth more than $1000 exemption. Is there any way I can keep it?
What is the "wild card"?
My wife and I are thinking of jointly, does this double the vehicle exemtion?
Does it double the "wild card"?
As far as personal property, is our exemption doubled?

I'm so confused and feel so helpless.

[fltoo]

No wild card in FL. 1000. exempt for vehicle, 1000. personal only

If you own a home, ALL of the equity is exempt. If no home, then you get an extra 4000. in exemptions

Do not transfer property in someone else's name. It is a fraudulent transfer and the look back period is TWO years unless the property is exempt.

[PoorGrammyinBK7]

My dad has no problem waiting for the money that we owe him.
I really don't want to loose my truck, transportation, the boat I can do without. Giving them over to my dad would just wipe out what we owe him although it does nothing for my unsecured debt.
It's just a bad situation...work to pay off what you've bought then lose it all.
So it looks like I'll be losing the boat and truck and still have a debt owed to my parents.

The truck is worth more than $1000 exemption. Is there any way I can keep it?
What is the "wild card"?
My wife and I are thinking of jointly, does this double the vehicle exemtion?
Does it double the "wild card"?
As far as personal property, is our exemption doubled?

I'm so confused and feel so helpless.

If you are both filing, your personal exemption amount is doubled. If the truck is in both your names and your only vehicle, I think that would be doubled as well. If only in your name I think you can only count your exemption.

[AngelinaCat]

Hi roozterdvx:

What is the situation with the property? You said you have a homesteaded piece and an adjoining 1/2 acre. How do you own those and what do your deeds say regarding these?