We are considering filing chapter 7 bankruptcy. The mortgage is in my parents' name, but my name is on the deed. Will filing chapter 7 affect the ownership of the house? There is a lot of equity in the home, about $50,000.
Maybe. I agree with the other answers that it depends on where you live, where you have lived the last 2 years, your ownership interest in the property and the net equity in the property. I tell my clients that bankruptcy is very serious and every case has a level of risk that your assets will be liquidated. If oil or gold is discovered on your property, the value may be higher than expected and your property may be sold to pay your creditors. Once you file, you may not be able to stop the process. The decision to file is a balancing of risk and reward. If you don 't know the facts, the scale doesn't work. Make sure you do your research and find an experienced attorney to help you. Sometimes you cannot afford not to hire an attorney.See question
I live in California, have one house there and another property in ohio. I filed bankruptcy chapter 7 because I had a debt of about $15000 with my banks and credit cards, but the main reason was I had my house with a deed in favor of a bail bond c...
Despite the perpetual need for more details and more information, in my experience you can always negotiate with the trustee to avoid liquidation of your assets. The trustee and the court do not care how your creditors get paid as long as they get paid what they are entitled to. Thinking you can claim a homestead exemption of 75k was either bad advice or a misunderstanding. If you are unable come up with the cash to pay all claims immediately, you should seriously consider conversion to chapter 13.See question
Just wondering. Mother in poor health.
I agree with the other answers. They call it the claw-back period. The bankruptcy estate includes assets acquired by way of inheritance within the 180 days following the date of filing. See section 11 USC 541(a)(5)(A). If you are concerned with a family member's health but you need to file for bankruptcy, you should first estimate the value of your anticipated share of their estate and the available exemptions you would have in the bankruptcy. If it appears as though you cannot exempt the inheritance you should see if the family member could change their estate planning documents to create a spendthrift trust. This could bypass the reach of your creditors. You could also disclaim your potential inheritance prior to filing. Just make sure your bankruptcy attorney works closely with your family member's estate planning attorney.See question
I am a judgment creditor (small claims). Having found out about debtor's accounts it appears that he only has a HOME DEPOT/CITIBANK card with a credit line up to $1500 . Is it possible to place a levy (similar or different to a bank levy) on th...
I agree with all of the other answers. You cannot levy against an open line of credit. However, you could levy against a pre-paid credit card or debit card account.See question
CitiBank has turned me over to a collection agency, AllianceOne. Everything I have read about this company isn't good, and they are trying to force information out of me, and for me to make some payments to them, until they can "lower my balance"...
Most chapter 7 fees would range between 1200 and 2200 filing fee included. Fees are generally determined on a case by case basis depending on the complexity. Most BK attorneys will allow you to make payments toward the fees but will not file your case (or get the protection of the court) until the fees are paid-in-full. If you do not have the money there is not much you can do. You can file without an attorney but the process can be complex and you may just waste your filing fee. You can apply for a filing fee waiver from the court but they are hardly ever granted and usually result in installment payments to the court. Keep in mind that you cannot squeeze blood out of a turnip. There is not much they can do to you until you have some money. However, it is something that you will eventually need to take care of.See question