Looks like unable to file BK

[taramilo]

Just want to say thanks again for all the helpful threads. I had said I'd followup after I talked to several more attorneys concerning an additional 130 acres we own and although one had said we wouldn't lose it, the other two said yes it can be seized so hubby and I decided it was too much of a risk to file. Don't know how I will get out of my current debt but can't risk the Ranch for my stupidy in getting way over our heads. Well thanks again.

[lostinmich]

Any way you can quit claim the property to a family member or someone else and then file later? Not sure how long you'd have to wait or if you can sustain until then but it may be an option. I'm not even sure your attorney would even say to do this since it's kinda shady. I wish you luck.

Oh, btw, is there anyway you can mortgage the land to payoff your other debts to make them manageable?

[HHM]

Any way you can quit claim the property to a family member or someone else and then file later? Not sure how long you'd have to wait or if you can sustain until then but it may be an option. I'm not even sure your attorney would even say to do this since it's kinda shady. I wish you luck.

Oh, btw, is there anyway you can mortgage the land to payoff your other debts to make them manageable?

The NEW BK law has a look-back period of TEN Years on transfers like that, however, for practical purposes, it's more like two years. Thus, if you quite claimed the property today, you would have to wait a minimum of two years before even thinking about filing BK.

[tay666]

Any chance of loading up most of the debt in only one persons name, then have them file BK separately.
Not sure how Texas is, but most states won't go after property that is jointly owned when only one spouse files BK.
You would have to wait until after the look-back period for the transfers.
But it might be an easier way to go.

[Spartan]

Not filing does not mean your land will be safe..... You can only hope your creditors do not sue you.....

You can equity strip the land, ie borrow against it. Move the money offshore to a shell company..

[taramilo]

Looks like unable to file BK.

Already have a RE note out on 70 acres of the land so can't borrow enough extra to take care of what I am behind on. I am paying on time with the RE note. Have one judgement out against us so will have to scratch up the money for that, hoping the income taxes will help with that. My main problem is with two Silverleaf(timeshares) notes that I am now several months behind on. Have been trying to find out what they usually do when you get behind on those. Have 3 CC one of which is six months behind and the other 2 are 1 & 2 months behind. Did send several hundred each to the latter two several days ago but isn't enough to catch up. Plan on calling them next Tuesday to work something out, even Siverleaf but not much hope for them since I talked to them last week and pissed them off (wouldn't give them a phone number to reach us) I have also sent them a certified letter stating they are not to call me , family or friends anymore.

[Minnymouth]

Sometimes we have to "tighten our belts" and do without things we enjoy to solve the problems we have made in our financial affairs......

Sit down, make a list of absolute neccessities that you have to have to exist right now.......

Make a list of the "extras" that you pay on each month that others might consider "luxury" items.......

See what you can do without temporarily or permanently.....

Maybe by doing so you can "see" where you can cut corners and still get things caught up without having to file bankruptcy....

Also remember that one night "out on the town" can cost a $100.00 or more and several nights a month like that can eat a hole in the budget...... especially if you are trying to "impress" a young man or young woman......
Dating can be extremely "pricey" if you let it get out of hand......

One of my roommates spent $70.00 on gas this past weekend, just driving around town with his girlfriend...... not counting their eating out.....

And he wondered where his money went??????

Sometimes you have to make the "priorty list" and stick to it to straighten things out......

[spell]

Maybe this will break down your situation a little differently.

Remember, we can't take this stuff with us when we're gone. That's how you got the land anyhow. Who would you like to inherit the land if you suffered an unexpected margarita accident today?
Sell it to them today. Then you no longer have to worry about the land as an asset.
You also no longer need to worry about the land as a liability, which may improve your overall situation, maybe even avoiding the BK.

Why was it they said a Ch13 wouldn't work? Not enough income?

[wrinkleigh]

Why do you want to hang on to the 130 acres?? If you could sell it in a chunk-- would you have enough money to pay off your creditors?

Even in a CH7, losing the land, you would gain so much more by discharging your debts. If you just plan to stop paying everyone, and dont file, you have a lot of stressful days and nights ahead of you. Phone calls and letters will come non stop. You could be sued. Is this parcel of land really worth all of the stress you are going to have to endure?