Should I have to report house in BK..

[dscurlock]

I am wondering, do i need to report my wifes house for the BK, my
name is only on the title because of marrage, I did not co-sign for the house, and she is basicly the owner of the house..the bk is only for me, so i was wondering if i need to disclose the house at all.

Thank-You

[Jman30]

Three Questions:

1) Are you only on the title, NOT on the loan?

2) Are you behind on mortgage payments?

3) Are you looking to file a 7 or 13?

[alh]

If your name is on the title, yes, 100%, absolutely disclose it. It may end up not having a bearing on anything depending on state laws and the amount of equity, but with your name on the title, you own a potential asset and not mentioning it can not only get your case dismissed, but can get you put in jail.

Now if you are talking about do you having to include the mortgage in the BK that is differnet.

[dscurlock]

house

Three Questions:

1) Are you only on the title, NOT on the loan?

2) Are you behind on mortgage payments?

3) Are you looking to file a 7 or 13?

1. I am on the title, not on the loan

2. behind yes, but we do not plan on putting into bk

3. Chap 7

[dscurlock]

house

If your name is on the title, yes, 100%, absolutely disclose it. It may end up not having a bearing on anything depending on state laws and the amount of equity, but with your name on the title, you own a potential asset and not mentioning it can not only get your case dismissed, but can get you put in jail.

Now if you are talking about do you having to include the mortgage in the BK that is differnet.

ok. 100% no equity, even though it is new, competing new home
sales in the area would make it impossible to sell, we would actually
have bad equity because people can get better deals with the new homes
rather then with ours, we may consider joint bk anyway, list it all, hide nothing, and they can choose if they want to take any stuff back that
we once got on credit, not that it would be worth much.

[alh]

Even if it there no equity, you still have to list it. If not you will get asked about it. Just want to make sure you don't do a big no no that could get you into big trouble for no reason.

[dscurlock]

job concern

Three Questions:

1) Are you only on the title, NOT on the loan?

2) Are you behind on mortgage payments?

3) Are you looking to file a 7 or 13?

I guess what im really concerned about right now is my wifes
work, by the time we file, my wife will be making 63k gross income,
after that she may be getting a promotion that would push
her upwards of 90k/year.... it cant be brought up now, its not a done
deal, but after we file, we will know for sure...at anytime after
we file and she starts making 90k...will that affect anything?

[dscurlock]

house

Even if it there no equity, you still have to list it. If not you will get asked about it. Just want to make sure you don't do a big no no that could get you into big trouble for no reason.

we are going to file bk jointly, it will be listed for sure now, so no problem there, im not trying to hide something like that I would not make
a very good B$#@h in prision... ;)

[lrprn]

I guess what im really concerned about right now is my wifes
work, by the time we file, my wife will be making 63k gross income,
after that she may be getting a promotion that would push
her upwards of 90k/year.... it cant be brought up now, its not a done
deal, but after we file, we will know for sure...at anytime after
we file and she starts making 90k...will that affect anything?

If your trustee is one of those who wants to know about ANY increase in income, you have to disclose your wife's raise when she gets it. Don't want to get caught the next year when your trustee looks at your tax forms (some trustees want to see those every year too) - could get your case dismissed.

Also if I did the math right, a raise from 63K to 90K is a 14% raise - some trustees say that raises below 10% of your filed gross income aren't sufficient to worry about (notice I said SOME). It's hard to believe that your trustee will let you two keep that much extra money every month unless you are already in a 100% payback plan.