How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask WA Bankruptcy Lawyer Your Own Question

WA Bankruptcy Lawyer
WA Bankruptcy Lawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 25
Experience:  30 years practice. Author of several articles.
10306577
Type Your Bankruptcy Law Question Here...
WA Bankruptcy Lawyer is online now
A new question is answered every 9 seconds

My name is on my mothers deed but not on

Resolved Question:

My name is XXXXX XXXXX mother''s deed but not on her loan. I want to file chapter 7 bankruptcy will my filing but her home at risk to the trustees if she has a lot of equity. I am in GA and she is in NY. My GA home does not have any equity.

In addition I have an S Corporation which is my only sourse of income will filing personal chapter 7 bankruptcy leave my business vulnarable to be terminated by the trustees
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WA Bankruptcy Lawyer replied 6 years ago.
Your name on your mother's property. Yes, if you file it will put her home at risk to the trustee. It is something that can perhaps be dealt with if addressed in dvance. However, it will need both your lawyer and your mother's attorney to look at it.]


Your bankruptcy will put your stock in the trustee's hands. What the assets of the corporation are, the value, and a host of other questions then come to mind. Short answer, probably.

WA Bankruptcy Lawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 25
Experience: 30 years practice. Author of several articles.
WA Bankruptcy Lawyer and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Thanks for your timely response, in order for you to better answer my question ,I thought it necessary to give you some pertinent information. I will be willing to pay more. It is my first time using the site and I did not press accept since I want to continue speaking with you. We have already qualified for the Means Test.

My wife and I need to go forward with the bankruptcy, time is of the essence. My mother was planning to sell her house anyway, I have been on the deed for the last 4 years. I have been in GA for the last 3 years. If Mom was to go ahead with sale and I were to go ahead with the chapter 7 simultaneously will the trustee take 50% of her profit (my half of the equity) or will they want all of her profit after the mortgage is paid off? At present her mortgage balance is $443,000.00 and he house is valued about $555,900.00 on 07-08 tax records and projected $536,000.00 on 08-09 tax records.

My S Corp was formed in June 2007. We have shares; half in my name and half in my wife`s name. We work from home; we do not have DUN & BRADSTREET #. We are a transportation brokerage, at present we do not have any business assets. Our only form of advertisement is business cards and we do not have a company website. We facilitate moving vehicles from dealership to dealership or to homes in all 48 states. We solicit dealerships via cold calls, referrals and building relationships.

When a dealership asks us to move a vehicle we give them a quote, once the quote is accepted we post the vehicle on-line on a site that all truckers can access, a trucker then calls for the load. We dispatch the load to the trucker only after we verify the Motor carrier Authorities and have their Insurance Agent make us certificate holder. This covers the dealership in case of damage during transit.

When the dealership pays us, we then pay the trucker. We are paid via checks and credit cards. Will the trustee see our company as a treat to the public or a liability to the public and as a result move to have my business terminated? We also carry a bond that covers us up to $10,000.00 for paying truckers if we fail to pay them. None of the debt I am writing off pertains to this current business, We are in good standing with our bond company and all our truckers.

Since my mother is planning to sell her home anyways because of her drowning adjustable mortgage, my main concern now is will I be able to keep my business or will the trustee gain control.
Expert:  WA Bankruptcy Lawyer replied 6 years ago.
Since the business is,for all intents and purposes, a personal services business, continuing to run the corporation is probably not going to be impacted. You are getting into extremely complicated bankruptcy issues and you need the advice of a local attorney who knows what the local practice is. If you were in Seattle, I might be able to give a reasonable answer. You are not. I don't think a trustee would do anything but I am guessing, at best. THe bond is another issue. Is it a cash bond? Who posted it? Is it your asset or the corporation's. I can see a trustee seeking turnover of the cash if it is a cash bond. If it is merely an insurance contract, that is another question.

Why are you on your mother's deed? I can forsee a trustee trying to keep 1/2 of her proceeds or 1/2 of the gross proceeds because you are not on the loan.
Customer: replied 6 years ago.
Reply to WA Bankruptcy Lawyer's Post: I was first on her mortage to assit her with getting the loan, however during that time I could not get a loan to help me with my business because they saw me attached to her mortage. She refinanced two years ago to get me off the loan but did not think to take me off the deed, infact she thought it was wise to have me listed in case something happened to her, I told her that is what wills are for. When you say half of her gross proceeds what exactly do you mean?

About the bond, it is cash, we pay $500.00 every month, we have about 6 more payments to make. Without the bond we cannot be brokers. It is in our corporation`s name but our personal credit was used initially to set up the downpayment and payment terms.
Expert:  WA Bankruptcy Lawyer replied 6 years ago.
When I say gross proceeds I mean the entire amount received.

The questions you are asking are much too complex for this forum. You really need competent counsel in your area.
Customer: replied 6 years ago.
Thanks, XXXXX XXXXX been 3 times to a bankruptcy office to file and I can`t seem to get answers, they have been steering me towards chap 13 but that includes unsecured debts & and would leave my house vulnerable.

I have tried to explain to them if I am having a hard time keeping up now, how can I commit to the trustees for my vehicle and unsecured debt which also includes attorney fees for 5 years.

Now that I finally came up the money to make my house and car current, to file the chap 7, I have this added problem of the deed and whether or not the trustees can go after the business.

Shouldn`t my attorney be certain of these answers in order for me to make the best decision for my household? I am beginning to think that they are just interesting in filing the papers not helping me make the best decision and one that I can maintain.
Expert:  WA Bankruptcy Lawyer replied 6 years ago.
My belief is that a 13 may be a better option but you need a new lawyer. Whoever you are seeing is missing many points.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.