Been reading, but have lots of questions.
I own a home that I live in with my X. He refuses to let me buyout his share.
His is a fairly rich a--hole and I am retired with no income other than alimony ending in July.
Court ordered house fixed up and sold, but later changed it to sold 'as is' on X's sayso that it appraised at more 'as is' than the initial fixed up appraisal price. He lied. A Receiver was appointed by the court to sell it; at that time it had no debt. Now, due to the Receiver lining his pockets w/ $50,000 and wasting another $150,000 on poorly done repairs plus judgment liens on the house (X filed them against me)and an attonrey fee lien, there is $375,000 of secured debt on the home.
It was listed at $1.4mil and then the Receiver decided the house was really only worth $500,000 and accepted a contingency offer w/ closing in Oct!!!!!
for $600,000. I tried to buy out X's 40% share at more than he'd get with this offer but he refuses.
I have few assets other than the house that arent' exempt and could spend those easily in the next few weeks on taxes and 2 tooth implants. I pay off all my cc monthly. My only debt will be when the house sells as I have due on sale clauses on some debt and have the judgment liens and HELOC and court awards to X from me.
My questions:
1. My state and age allows me a $90,000 homestead exemption. If I file, will that be all mine or will X get half? (He shouldn't qualify as he hasn't lived here since 2000 and will not be filing bk himself.)
2. Will filing stay the upcoming sale and actually remove the contract for sale and the Receiver and give control of the asset to the BK trustee? (I would tell the BK trustee that if I were selling the house I could probably get $300k more for it than the Receiver)
3. Since I own 60% and X 40%, would the BK trustee take the net of sale, divide the shares and then take the liens I owe off of my share OR would the total of the liens come off the full net and then be divided?
4. Should I file BEFORE this contract is accepted by the Receiver OR would it be better to wait since there is so long before closing (Oct) and there may be more debt attached to the house?
5. IF my secured debt is more than my share less homestead by using the contract price of the Receiver...and if the BK trustee decided to abandon it instead of selling it....would it just go back to the Receiver to sell? (The reason I ask is he's a friend of X and the entire deal is crooked from the get go...I have good reason to get it out of the divorce court judge's hands)
6. If I delay filing for a couple weeks, I could reduce my 'assets' a little more.
My only income is alimony and in my state that is exempt from creditors, tho the bk trustee might be po'd if I have a large amount of money stockpiled in my account. (I'm a rainy day saver and alimony ends in July)
Sorry for all the questions. If you know any answers I'd appreciate some help here....Yes, I've spoken to many bk attorneys but mostly when I thought I'd try to do a 13 and few did 13s. I will meet with several next week BUT if it is better to file BEFORE there is a contract for sale, then I have to do it this MONDAY. (April5)
Thanks!
CB
I own a home that I live in with my X. He refuses to let me buyout his share.
His is a fairly rich a--hole and I am retired with no income other than alimony ending in July.
Court ordered house fixed up and sold, but later changed it to sold 'as is' on X's sayso that it appraised at more 'as is' than the initial fixed up appraisal price. He lied. A Receiver was appointed by the court to sell it; at that time it had no debt. Now, due to the Receiver lining his pockets w/ $50,000 and wasting another $150,000 on poorly done repairs plus judgment liens on the house (X filed them against me)and an attonrey fee lien, there is $375,000 of secured debt on the home.
It was listed at $1.4mil and then the Receiver decided the house was really only worth $500,000 and accepted a contingency offer w/ closing in Oct!!!!!
for $600,000. I tried to buy out X's 40% share at more than he'd get with this offer but he refuses.
I have few assets other than the house that arent' exempt and could spend those easily in the next few weeks on taxes and 2 tooth implants. I pay off all my cc monthly. My only debt will be when the house sells as I have due on sale clauses on some debt and have the judgment liens and HELOC and court awards to X from me.
My questions:
1. My state and age allows me a $90,000 homestead exemption. If I file, will that be all mine or will X get half? (He shouldn't qualify as he hasn't lived here since 2000 and will not be filing bk himself.)
2. Will filing stay the upcoming sale and actually remove the contract for sale and the Receiver and give control of the asset to the BK trustee? (I would tell the BK trustee that if I were selling the house I could probably get $300k more for it than the Receiver)
3. Since I own 60% and X 40%, would the BK trustee take the net of sale, divide the shares and then take the liens I owe off of my share OR would the total of the liens come off the full net and then be divided?
4. Should I file BEFORE this contract is accepted by the Receiver OR would it be better to wait since there is so long before closing (Oct) and there may be more debt attached to the house?
5. IF my secured debt is more than my share less homestead by using the contract price of the Receiver...and if the BK trustee decided to abandon it instead of selling it....would it just go back to the Receiver to sell? (The reason I ask is he's a friend of X and the entire deal is crooked from the get go...I have good reason to get it out of the divorce court judge's hands)
6. If I delay filing for a couple weeks, I could reduce my 'assets' a little more.
My only income is alimony and in my state that is exempt from creditors, tho the bk trustee might be po'd if I have a large amount of money stockpiled in my account. (I'm a rainy day saver and alimony ends in July)
Sorry for all the questions. If you know any answers I'd appreciate some help here....Yes, I've spoken to many bk attorneys but mostly when I thought I'd try to do a 13 and few did 13s. I will meet with several next week BUT if it is better to file BEFORE there is a contract for sale, then I have to do it this MONDAY. (April5)
Thanks!
CB
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