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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33914
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I am fiing for bankruptcy and among my debt i am listing is

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I am fiing for bankruptcy and among my debt i am listing is a house and boat that still is both in my and my ex-husbands name. How will this affect my bankruptcy? Will I still be able to list my house and boat as a debt? What will happen?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 4 years ago.

If you own property in both your ex-husband and your name, then the bankruptcy trustee may be able to sell the entire property to satisfy your creditors. However, AZ law also provides a $150,000 exemption on your principal residence, so if the total equity of your home is $150,000 or less, then the bankruptcy trustee cannot sell the home. If your home has no equity, then the bankruptcy trustee won't care about it, and it will simply be up to you to continue to make payments against the home. Otherwise, the lender can still foreclose and take the home away from you.

 

If the boat has a loan and no equity, then the same applies to the boat, except no homestead exemption. If the boat has no loan, then the trustee may be able to sell the boat to pay some of your debts, and pay the other half of its value to your ex.

 

As for what paperwork you must fill out, that depends on the bankruptcy court local rules, which you must be COMPLETELY familiar with. Here's the pro se court handout, if you don't already have it.

 

A motion for relief from automatic stay is what a creditor uses to pemit the sale of a secured asset duing bankruptcy, such as a home or secured motor vehicle. As a debtor, you would never need to to lift the automatic stay.

 

Hope this helps.

 

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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33914
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
The house and boat are in Oregon. There is no equity on the house or boat. Can I list them both on my bankruptcy paperwork?
Expert:  socrateaser replied 4 years ago.
You certainly can.

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