Few Question on mortgage and vehicles.

[mstgkillr]

My girlfriend and I purchased a house together about 4 years ago. The house and mortgage were in both of our names. A little over two years ago I refinanced the mortgage to get a better rate. To make the paperwork eaiser the loan office recommended that I only have my name on the mortgage and just have my girlfriend on the house as Tenants In Common.

So basicly, the mortage is in my name only but both of our names are listed on the house as Tenants In Common. If only I file for bankruptcy and I want to keep the house, how will this affect the house, means test, etc... Is this going to complicate things.

Also, my income a little more than $20,000 over median but I pay for almost everthing because my girlfriend doesn't make much anyways. Will I qualify for Chapter 7 as long as my DMI is low enough even though I am way over median?

One last question. We have two vehicles in both of our names I have always paid for both of them. Do I count both of them on the means test or just the one I drive everyday.

[CCsAreEvil]

Was the mortgage loan removed from your girlfriend's credit report? Your name only shows up on title? Then, you should be able to file solely I would think. Do you have any combined accounts with her? This makes all the difference.

Anything that your name appears on legally, you must report, and probably will note joint ownership.

[RobGee]

My girlfriend and I purchased a house together about 4 years ago. The house and mortgage were in both of our names. A little over two years ago I refinanced the mortgage to get a better rate. To make the paperwork eaiser the loan office recommended that I only have my name on the mortgage and just have my girlfriend on the house as Tenants In Common.

So basicly, the mortage is in my name only but both of our names are listed on the house as Tenants In Common. If only I file for bankruptcy and I want to keep the house, how will this affect the house, means test, etc... Is this going to complicate things.

This will not complicate the means test or effect the house. You will need to state on the schedules that you are 50% owner of the property if there is any equity and exempt your 50%. Means test is like a normal means test it doesn't effect. It would also be nice to include the other owner and their interest in the property. Break it down for them 50% Interest = X amount of $$

Also, my income a little more than $20,000 over median but I pay for almost everthing because my girlfriend doesn't make much anyways. Will I qualify for Chapter 7 as long as my DMI is low enough even though I am way over median?

That is about 3,300 monthly disposable income. I am sure you can easily take care of that when you answer the means test questions and include the mortgage payments and car payments if any. You may be close depending on your debts. Keep in mind even though you are filing individually the means test is based on household size. If you live with your girlfriend and some others please include them on the household size as it will help you.

One last question. We have two vehicles in both of our names I have always paid for both of them. Do I count both of them on the means test or just the one I drive everyday.

If they are in your name include them on the means test. You will also need to include both vehicles in Schedule B even if you don't drive one. (Because they are in your name)

[mstgkillr]

This will not complicate the means test or effect the house. You will need to state on the schedules that you are 50% owner of the property if there is any equity and exempt your 50%. Means test is like a normal means test it doesn't effect. It would also be nice to include the other owner and their interest in the property. Break it down for them 50% Interest = X amount of $$


The house is upside down so there is nothing there.

That is about 3,300 monthly disposable income. I am sure you can easily take care of that when you answer the means test questions and include the mortgage payments and car payments if any. You may be close depending on your debts. Keep in mind even though you are filing individually the means test is based on household size. If you live with your girlfriend and some others please include them on the household size as it will help you.

I was told by a lawyer that I can only claim 1 on my household size even though my girlfriend and roommate live with me.

If they are in your name include them on the means test. You will also need to include both vehicles in Schedule B even if you don't drive one. (Because they are in your name)[/QUOTE]

My girlfriend actually does pay for the 2nd vehicle, should I still include it on the means test?

[mstgkillr]

Was the mortgage loan removed from your girlfriend's credit report? Your name only shows up on title? Then, you should be able to file solely I would think. Do you have any combined accounts with her? This makes all the difference.

Anything that your name appears on legally, you must report, and probably will note joint ownership.

Both of our names show up as owners but I am the only one on the mortgage.

[RobGee]

I was told by a lawyer that I can only claim 1 on my household size even though my girlfriend and roommate live with me.

Unfortunately, he is wrong. If the attorney reads carefully on the means test it specifially states household size. Our attorney went up against a new trustee because he objected to our Ch.13 plan stating "dependents" is what should go on the means test. As soon as we called and "educated" the trustee, that it specifically states on the means test "household size", he withrew his objection. The attorney I work with specializes is bankrutpcy and has been practicing for over 31 years. Trust me I file over 35 cases a month and never have I had a trustee question the household size other than the one trustee and he was a new one. So the answer to that is you CAN use your girlfriend and roommate on the means test. Make sure you note on schedule "I" that your girlfriend and roommate live with you. Any contributions must be disclosed.

My girlfriend actually does pay for the 2nd vehicle, should I still include it on the means test?[/QUOTE]

Yes include it on the means test. You get the extra deduction for the vehicle operating expense and the car payment. Also, the way I note that your girlfriend is paying the vehicle is I will include in schedule "I" as other income (note that gf is paying car) and then in schedule "J" include that car payment so it's a wash. The trustee will see it and understand it.