My lawyer told me that we need to sell our home before we file. We have someone who wants it..It would sell or 30k and we owe 15k on it. He said to just do whatever we want with the extra 15k but won't they count that as income and then we won't pass the means test?
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depends on what your income is for the last 6 months.
If it where me I would put it in an IRAChapter 7 07/30/2008
341 09/17/2008
Discharge 11/21/2008 -
Our income is just right on the line. And my husband has been told that he may be moving up in the company in the new year. The income would go up about 600-800 a month.Originally posted by TEW View Post
I have never used an IRA so would it be a red flag if we opened two of them up? I know we can only put 5k in each so what about the rest...put it towards debt so it looks like we tried?(this is the month we are getting behind on everything-have not been late in 6 years)Comment
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You will end up with less than the full 15K, after closing costs, taxes, etc.Comment
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Can you exempt the equity?
Would the prospective buyers be willing to wait until after your BK is closed? It just might be simpler that way.
I would think the $15K would count as income if you got it before you file.Filed Ch 7 -- July 9, 2008
341 mtg ---- August 14, 2008
Discharged ---- October 17, 2008
Closed --------- December 11, 2009!Comment
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Your lawyer's advice sounds rather flippant.
No way is $15000 revenue not going to to impact a filing CH7 in one way or another. It could be income or not, it could be an asset or not, it could be exempted or not, it could be this or could be that but it certainly is something to plan out, for sure. It also could be or could not be taxable as income, also. It's not something that will simply not have to be addressed one way or another. I'm scared of that lawyer....Comment
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