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I already filed bankruptcy, put on my application that I want to keep our house. Now I want to add the house to the bankruptcy

Denver, CO |

What forms do I need to fill out? What do I need to do to add house to bankruptcy? We have not been discharged yet.

Attorney Answers 3

Posted

If you are assisted by an attorney, ask your attorney.

If you are pro se and not assisted by an attorney, you are responsible and on your own for knowing the law and filling out the forms. http://www.uscourts.gov/FormsAndFees/Forms/BankruptcyForms.aspx

There may be more information relevant to an individual debtor's circumstances. With what's at stake, consulting with an experienced bankruptcy attorney licensed to practice in your state may be a good idea.

If you want to know more about the meaning of certain key words used in bankruptcy, see the federal courts' web site for a glossary of bankruptcy terms: http://www.uscourts.gov/Common/Glossary.aspx.

My law firm is a federally designated debt relief agency and helps people in Colorado file for bankruptcy relief under chapters 7 and 13 of the Bankruptcy Code.

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Posted

At a minimum, and depending on the status of the bankruptcy, you would need to amend your Statement of Intent. However, the who, what, and how questions you will need to figure out. The CO bankruptcy court website has some pretty good information online.

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2 comments

Asker

Posted

Will we have to go to another 341 meeting?

Robin Kert Hunt

Robin Kert Hunt

Posted

As a general rule, an additional appearance at a 341 meeting should not be required. However, there could be an exception to the general rule. Knowing whether the general rule or an exception applies is what attorneys are good for. But only if the attorney has been retained and has been fully informed by the client.

Posted

The answer to this question depends on whether you are in a Chapter 7 or Chapter 13 Bankruptcy. If you are in a Chapter 7 bankruptcy, you simply need to amend your Statement of Intentions filed with your bankruptcy paperwork to indicate that the house will be surrendered. File the Amended Statement of Financial Affairs with the court and serve a copy of the amendment on the mortgage creditor(s) and the bankruptcy trustee.

If you are in a Chapter 13 bankruptcy, you will need to file an amendment (or modification, if it's post confirmation) to the Chapter 13 Plan. Best to get an attorney to help you with this to make sure it's done correctly as there are additional terms you will want to include to ensure the creditor promptly forecloses on the home.

While I would love to be your attorney, and, if you are located in California you may call my office any time to schedule a FREE consultation, the information provided herein does not create an attorney client relationship and is not a substitute for having a consultation with a bankruptcy attorney. It is important to have a consultation with a bankruptcy attorney as the information provided in this forum is limited and cannot possibly cover all potential issues in a given situation.

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2 comments

Robin Kert Hunt

Robin Kert Hunt

Posted

If the debtor is in a chapter 7 bankruptcy, whether the debtor needs "simply" to amend the Statement of Intentions depends on what has previously been filed or not filed as well as listed or not listed on the bankruptcy forms.

Shaye Larkin

Shaye Larkin

Posted

I agree. The question says "what do I need to do to add the house to the bankruptcy". This doesn't tell us whether you originally included the house as both a debt and an asset when you filed your bankruptcy. It also doesn't tell us whether you previously filed a statement of intentions with regard to the house. Lastly, it doesn't tell us whether, by "adding the house to the bankruptcy" you want to now surrender the house instead of keeping it. Assuming the mortgage creditor was previously listed on Schedule D, the house was previously listed on Schedule A, and you previously filed a Statement of Intentions and only need to change your intent to "surrender", then amending your Statement of Intentions would be what you need to do. If you are surrendering your home, you should keep in mind that until the house is foreclosed on, you will still be liable for maintaining the property and should keep adequate property insurance in place. Also, assuming your intent is to now surrender your home instead of keeping it, you may also want to consult with a cpa to determine whether there is any capital gains tax exposure that will result from surrendering the house. This would not be wiped out by the present bankruptcy filing.

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