I've been divorced for 2 years in AZ but my husband and I still live in the same household. He has another home he owned before we married, and when he refinanced it, I was placed on the title although not on the mortgage. It is used as a rental...
I would not quit-claim the property prior to filing bankruptcy. Rather, there is a specific provision within the bankruptcy code that may assist you. Specifically, 11 U.S.C. Section (d)states:
"Property in which the debtor holds, as of the commencement of the case, only legal title and not an equitable interest, such as a mortgage secured by real property, or an interest in such a mortgage, sold by the debtor but as to which the debtor retains legal title to service or supervise the servicing of such mortgage or interest, becomes property of the estate under subsection (a)(1) or (2) of this section only to the extent of the debtor’s legal title to such property, but not to the extent of any equitable interest in such property that the debtor does not hold."
That said, I would refer to Ms. Drain's above post, which is speak with a competent attorney to get proper legal guidance. Good luck, MattSee question
I received a letter of a notice of meeting for a bankruptcy, me ex boyfriend is filing for bankruptcy on a shared bank account he owes a debt on from years ago. It says I have 20 days to object to exemptions, how do I go about doing this and waht...
The notice you received is meant to be general in nature and provides you with minimal advice, including deadlines to object. However, to object, you must have a legal basis. If the debt was incurred without fraud or misrepresentation, and you ex-boyfriend simply needs debt relief, the bank account is a dischargeable debt.
If you'd like to review "exceptions to discharge", you can use the Internet to review bankruptcy code section 523 (11 U.S.C. Section 523). If your specific question is how to object to exemptions, then you may want to defer to the case trustee. When a bankruptcy is filed, a case trustee will review the schedules and audit the exemptions. Your focus may be better spent looking at an exception to discharge.
Finally, even if a bank account is discharged in bankruptcy, it may not resolve the issue. Many banks have a shared database, called "ChexSystems" that blacklists new account applicants from opening accounts if they've over-drafted (and closed) accounts elsewhere. WIth bankruptcy, a fresh start can be impaired if you still cannot get a bank account.
Hopefully, this provided you general advise in the right direction. If you want specific advise, consult a bankruptcy attorney that does creditor representation. Good luck.See question
I have a late payment for $270 on my credit report placed on 12/2010 that will remain for 7 years. I disputed the initial $500 fee from the hospital, this doctor worked out of a hospital, because it was excessive and they agreed to lower it to $40...
Yes, you could file a lawsuit seeking declaratory relief. However, this may be expensive and impractical.
That said, there is good news and bad news. To start with the bad news, it is very difficult to permanently remove derogatory remarks from a credit report through the "disputing" process. Most creditors will not remove them, even as a condition of settling debt. If you dispute them, they often re-emerge.
To end with the good news, a derogatory remark, typically only reports for 2 years or less and has a minimal impact on a credit score. Often, it is easier to wait for the remark to fall off, versus the exerting the effort to fight it.
Good luck. Matthew T. FoleySee question
I purchased a 2 1/2 acre parcel of land on a mountain in Phoenix, AZ about 3 years ago. I put $100,000 down and mortgaged $400,000. The land is now worth $150,000, significantly less than what is owed...so much so, it doesn't make financial sense...
Yes, and depending upon the lender, it is quite likely. Prior to letting the property go, it would be beneficial to meet with a bankruptcy attorney to explore options. It is helpful to know in advance whether you can file a chapter 7 or chapter 13 bankruptcy. With this knowledge, you can then determine whether it makes sense to settle the debt, versus filing bankruptcy.
Typically, these scenarios are resolved with a cost/benefit approach, with an attorney advising off each option. It is also beneficial to be aware of any possible tax consequences with "debt forgiveness" income. Finally, it is not helpful to place too much emphasis on your credit rating, as most credit scores recover quickly from a foreclosure or bankruptcy.
Good Luck - Matthew T. Foley, Esq. & MBASee question
My house in AZ is about 50% underwater, I can still afford to pay the mortgage but I'm not sure if this is a wise thing to do. I'm thinking short-sale first then deed-in-lieu then finally foreclosure in this order if the lender gives me a hard tim...
Purchase money is covered by Arizona's anti-deficiency laws. If you decide to let the home go, you may want to speak with an attorney discuss the best option (i.e. short-sale, vs. deed-in-lieu, vs. foreclosure). Many families short-sale their homes and provide settlement payments on a second mortgage that is covered under our anti-deficiency laws or is otherwise non-recourse. There are several exceptions to the anti-deficiency laws, which include HOA fees and VA loans.
If you'd like more information regarding refinance or loan modification, you can visit Neighborhood Housing Services of Phoenix, which is a national nonprofit housing organization. Their website is: http://www.nhsphoenix.org/
If you'd like more general information regarding letting a home go, I have guide at:
Good Luck - Matthew Foley