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    Raw land in Bk

    Hello all,

    About 1 year ago, my parents completed a warranty deed (no money was transferred) to transfer raw land/vacant worth about $10000.00 into my name. My mom was trying to qualify for Health services and she was told she could not have any assets. Her and my dad also wanted to be sure if something happened to them, that I had rights.

    I havent seen a lawyer or anything, but I am pretty sure I am going to have to file bk.

    What happens to this land if I have to file for a Chapt 7 or Chapt 13 bk?

    Thanks
    Last edited by BassBoy; 11-16-2007, 10:50 AM.

    #2
    I have moved your thread here as it is related to BK discussion
    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


      #3
      Generally, if you can't cover it with expemptions, it may be seized by the trustee and sold to pay your creditors.

      What state are you in? Some states' wildcard exemption is fairly generaous - especially if you don't use your entire homestead exemption.

      Comment


        #4
        In a 13 you can keep the land. In a 7, unless you have enough exemptions to cover the value of the poperty, you'll lose it.

        Comment


          #5
          Thanks for the replies.

          I am in AZ. Can't I just Warranty Deed it back into their name?

          Comment


            #6
            Here are the exemptions. I am not sure if it would qualify if you do not occupy it???
            You cannot transfer the deed that would be condsidered fraudulant. Techinically it was probably also fraud when your mother did it to get health benefits. (not being judgement, just straight foward.) In BK there is a look back period. If its freind or close family it can go back even 2 years. Ask an attorney if youj can still use the homestead. You may be able to use it if you can show that you intended to occupy it at sometime in the future but never built on it.



            HOMESTEAD


            Real property; an apartment or mobile home you occupy to $100,000; sale proceeds exempt 18 months after sale or until new home purchased, whichever occurs first (husband and wife may not double)


            33-1101

            Must record homestead declaration before attempted sale of home
            33-1102

            PERSONAL PROPERTY

            husband and wife may double all personal property exemptions
            2 beds and living room chair per person; 1 dresser, table, lamp, bedding per bed; kitchen table; dining room table and 4 chairs (1 more per person); living room carpet or rug; couch; 3 lamps; 3 coffee or end tables; pictures, paintings, drawings created by debtor; family portraits; refrigerator; stove; TV, radio or stereo; alarm clock; washer; dryer; vacuum cleaner to $4,000 total
            33-1123

            Bank deposit to $150 in one account
            33-1126(A)(8)

            Bible; bicycle; sewing machine; typewriter; burial plot; rifle, pistol or shotgun to $500 total
            33-1125

            Books to $250; clothing to $500; wedding and engagement rings to $1,000; watch to $100; pets, horses, milk cows and poultry to $500; musical instrument to $250; prostheses, including wheelchair


            33-1125

            Food and fuel to last 6 months
            33-1124

            Motor vehicle to $1,500 ($4,000, if disabled)
            33-1125(8)

            Prepaid rent or security deposit to $1,000 or 1-1/2 times your rent, whichever is less, in lieu of homestead
            33-1126(D)

            Proceeds for sold or damaged exempt property
            33-1126 (A)(5), (7)

            INSURANCE
            Fraternal benefit society benefits
            20-881

            Group life insurance policy or proceeds
            20-1132

            Health, accident or disability benefits
            33-1126(A)(3)

            Life insurance cash value to $1,000 per dependent ($25,000 total) (husband and wife may double)
            33-1126 \(A)(3)

            Life insurance cash value to $2,000 per dependent ($10,000 total)
            20-1131(D)

            Life insurance proceeds to $20,000 if beneficiary is spouse or child (husband and wife may double)
            33-1126(A)(1)

            MISC.
            Minor child’s earnings, unless debt is for child
            33-1126(A)(2)

            Property of business partnership
            29-225

            PENSIONS

            see also wages
            Board of regents members
            15-1628(I)

            ERISA-qualified benefits deposited more than 120 days before filing bankruptcy
            33-1126(B)

            IRAs
            In re Herrscher, 121 B.R. 29 (D. Ariz. 1990)

            Firefighters
            9-968

            Police officers
            9-931

            Public safety personnel
            38-850(C)

            Rangers
            41-955

            State employees
            38-762

            PUBLIC BENEFITS Unemployment compensation 23-783
            Welfare benefits 46-208
            Workers’ compensation 23-1068
            TOOLS OF TRADE Arms, uniforms and accouterments you are required to keep 33-1130(3)
            Farm machinery, utensils, seed, instrument of husbandry, feed, grain and animals to $2,500 total (husband and wife may double) 33-1130(2)
            Teaching aids of teacher 33-1127
            Tools, equipment, instruments and books (except vehicle driven to work) to $2,500 33-1130(1)
            WAGES Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors 33-1131
            Chapter 7 Pro Se....Discharged Feb. 2006

            Comment


              #7
              Originally posted by TryinHard View Post
              Thanks for the replies.

              I am in AZ. Can't I just Warranty Deed it back into their name?
              That's a preferential transfer to an insider. If you do it within 2 years of filing, the trustee will reverse the transaction.

              Comment


                #8
                Yikes! Don't want that. That land is ALL my parents have!

                Thanks for all the info. I guess the only way to really know is to contact an attorney.

                Life can be so unpredictable!

                Thanks again

                Comment

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