Please answer the following:
1. How much cash did you give to your parents in 2007 in exchange for the deed to the property?
2. Was there a mortgage on the property in 2007 and if so, what was owed?
3. If there was a mortgage on the property who has been making the payments, you or your parents?
4. What was the value of the property in 2007 (not today)?
5. What is the value of the property today? - never mind as you have indicated $50K.
6. You did not file bk to discharge only $4,500.00. How much do you totally owe, including the student loans (yes this is a debt even though you are "not in default"), credit cards, medical bills, taxes, personal loans, repossessions, etc.
Depending on the answers to the above, I may have more questions or I may be able to explain what is happening and why.
Des.
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When the homestead is NOT exempt
My husband and I filed bankruptcy recently and were told by our attorney that our home would be exempt. We then had the meeting with the trustee and soon after found out that the trustee is arguing that our home is not exempt because we purchased the home in Nov 2007 and some of our debts were existing at that time. Specifically $1,000 in medical bills and about $3,500 of my $26,000 in student loans. I am still in school and my student loans are not even in repayment status yet. Our home is valued at about $50,000 and we have about $30,000 in equity because we purchased the home from my parents at a huge discount. Can the trustee really take our house to pay off $4,500 in debt? I don't even understand how he can be figuring in the student loans when they are not in default and are not even due currently. I am so afraid we are going to lose our home. This is the house I grew up in and my emotional bond is very strong. I would appreciate any advice.
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