Please help me with my story

[LSUTiger32]

You need to get a fair market price for the asset, and you can't sell it to a family member or other insider (a business partner, for example).

So I can't sell it to a family member even if it is at a fair market price?

[OhioFiler]

So I can't sell it to a family member even if it is at a fair market price?

Yes you can but be prepared to prove it was an arm's length transaction at full market value.

[LSUTiger32]

Yes you can but be prepared to prove it was an arm's length transaction at full market value.

The reason I asked is that a family member is in on half of it with me and may want to keep it. The loan and the title though is all in my name only.

[LSUTiger32]

Basically my lawyer has told me that I can do whatever I want as long as I can document what I spent the money on. Is that true?

[kw1025]

An earlier post said you have $300,000 in consumer debt. I don't see that here. Your investment properties are non-consumer debt, and if your credit cards have a business name attached to it, then that is also for sure non-consumer. I do not see from this, why should not qualify for a 7. Again, investments are business related, and are not consumer debts.

[LSUTiger32]

Yeah she said I am CH7 no doubt, but she also said that if I could dump the one property that has a little bit of equity in it before I file that as long as I spend the money on living expenses I am fine.

I was worried that the money would be counted as income. Surely if I sell an asset, even though I might only get $10,000......they are going to take it from me.

[kw1025]

An earlier post said you have $300,000 in consumer debt. I don't see that here. Your investment properties are non-consumer debt, and if your credit cards have a business name attached to it, then that is also for sure non-consumer. I do not see from this, why should not qualify for a 7. Again, investments are business related, and are not consumer debts.

[kw1025]

you ahve a rental with $10,000 in equity? Are yo sure you want to give that up? You won't have to if you buy it back from the trustee, for less than the $10,000. It would make me a little nervous to sell a property right before filing, it seems like alot to do, with the actual sale, etc, plus it would seem a little fishy to me.

[LSUTiger32]

you ahve a rental with $10,000 in equity? Are yo sure you want to give that up? You won't have to if you buy it back from the trustee, for less than the $10,000. It would make me a little nervous to sell a property right before filing, it seems like alot to do, with the actual sale, etc, plus it would seem a little fishy to me.

I'd love to keep it but I can't afford to. I can put together the $1,300 to file, and that's about it. Let me clear this up by saying that I would not actually keep it, I mean keep it through the BK so that I could sell it later. It would give me some time to do some easy repairs to it that would probably bring more at a sale.

[LSUTiger32]

We are thinking about getting started tomorrow and just seeing what happens with the one property we would like to keep other than our primary residence. I have some cards that are within 2 weeks of being 30 days late. If I file now, will this stop them from going 30 days past? I know it doesn't matter but I am just wondering.

[hereforinfo]

Yes, I think filing now would stop them from reporting to the credit bureaus.

[LSUTiger32]

I called today to get the ball rolling, problem is they haven't called back. Judging by the way the poor girl answers the phone.....

LAW OFFICE PLEASE HOLD

.....I am kind of scared that they are understaffed or just that busy right now. I hope I am making the right decision on a lawyer. I feel comfortable because I have seen them help a family member of mine. I am just wondering if they are too busy right now.

[LuciluS]

I called today to get the ball rolling, problem is they haven't called back. Judging by the way the poor girl answers the phone.....

LAW OFFICE PLEASE HOLD

.....I am kind of scared that they are understaffed or just that busy right now. I hope I am making the right decision on a lawyer. I feel comfortable because I have seen them help a family member of mine. I am just wondering if they are too busy right now.

Did the Attorney give you a packet to complete at your Consultation? Our Attorney gave us one when we retained him last Sept. I called last week to make an Appt. with him and yep, phones were ringing.

His paralegal told me I didn't need an appt. Just drop off the information, as soon as I have all the figures for August and the paralegal will input it into their System, Attorney will review it and then will call me to set up an appointment time. He knows we want to file on 9/30/09.

[LSUTiger32]

Did the Attorney give you a packet to complete at your Consultation? Our Attorney gave us one when we retained him last Sept. I called last week to make an Appt. with him and yep, phones were ringing.

His paralegal told me I didn't need an appt. Just drop off the information, as soon as I have all the figures for August and the paralegal will input it into their System, Attorney will review it and then will call me to set up an appointment time. He knows we want to file on 9/30/09.

I am trying to get in touch with her to get the packet. They don't give it to you until you put a $100 retainer down, which I should have done when I went.

[LuciluS]

I am trying to get in touch with her to get the packet. They don't give it to you until you put a $100 retainer down, which I should have done when I went.

If I were in your shoes, I would call back and ask the person who answers the phone if you bring a check for the retainer fee, could she possibly be able to give you the information packet.

Luci