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Filing chapter 7 and keeping the house?

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    #1

    Filing chapter 7 and keeping the house?

    I am seriously thinking about filing chapter 7.


    I am very concerned about my parents house. After my fathers medical problems they had too much debt so their house was put in my name and my sisters. The house was not financed through a bank but through the seller and my parents which is now paid off. I am very worried about a lien possibly being placed on it. My question is:

    1. Can they take a lien on it if it is in my name and my sisters?
    2. How long does it have be out of my name in order for it to be safe for me to file chapter 7?
    Tags: None
    #2
    If the house is in your name and your sisters name, legally you own 1/2 of the house, thus 1/ 2 the debt. If the house is paid for, then you have and asset worth 1/2 the value of the home.....

    You file bankruptcy and the Trustee will take all assets that are not exempt and sell them to get money for his creditors.

    Yes they can take a lien against it.

    And yes you will have a problem if your transfer the home to your parents name or anybody elses. They look at transfers very closely....................Before and after filing bankruptcy.

    Basically it would have to be out of your name for approx 1-2 years before it would be considered safe from the court.
    Minny

    "It's amazing the paths that our feet sometimes follow in life".

    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

    Comment

      #3
      elizabeth1969, you own this house? I mean, do you have the title in hand? If so, and this is only a suggestion, why not borrow against the equity to eliminate all of your debts and avoid Ch.7 BK. It's just a suggestion. Did I miss a post or something? I don't know why you think you need to file Ch.7.
      Bankruptcy History:
      Chapter 7 filed - 10/12/2005 - Asset
      Discharged - 02/16/2006
      Case Closed - 11/08/2007

      A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

      All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

      Comment

        #4
        Originally posted by BassBoy
        elizabeth1969, you own this house? I mean, do you have the title in hand? If so, and this is only a suggestion, why not borrow against the equity to eliminate all of your debts and avoid Ch.7 BK. It's just a suggestion. Did I miss a post or something? I don't know why you think you need to file Ch.7.
        __________________________________________________ ____

        Thank you for trying to help but obviously you didn't really read my post. The house is my parents they paid for it and they live in it. They put it in my name because of their debts they had themselves. I can not borrow money on it.

        Comment

          #5
          Originally posted by Minnymouth
          If the house is in your name and your sisters name, legally you own 1/2 of the house, thus 1/ 2 the debt. If the house is paid for, then you have and asset worth 1/2 the value of the home.....

          You file bankruptcy and the Trustee will take all assets that are not exempt and sell them to get money for his creditors.

          Yes they can take a lien against it.

          And yes you will have a problem if your transfer the home to your parents name or anybody elses. They look at transfers very closely....................Before and after filing bankruptcy.

          Basically it would have to be out of your name for approx 1-2 years before it would be considered safe from the court.
          __________________________________________________ _______

          What if I can show the cancelled checks taht my parents paid for the house?
          What do they use in order to determine the value of the home? They didn't pay much for it around 34,000.00 would it be half of that?

          Comment

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