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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Follow up question for Terry L. Thanks for your help, I did

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Follow up question for Terry L.
Thanks for your help, I did leave positive feedback, hope it registered by now. I have another related question:
You said if the deed is only titled with our names followed by "husband and wife", it's not good enough to avoid possible attachment of proceeds by the bank if we sell. That makes me wonder if they could legally try to force us to sell & attach proceeds, (or at least half the proceeds) if we're not protected by the "in entirety" exemption. Also,,is it legal for us to try to change the title of the deed now (he already has judgement), or would that be considered fraudulent transfer or something? Thanks again.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
There is a bankruptcy & judgment homestead exemption available too, irregardless on how the property is titled.

Real property including condo to $3500; property cannot exceed 1 lot in town, village, city, or 40 acres elsewhere.

 

So, after subtracting the mortgage, and the exemption, the remaining balance is subject to attachment by a creditor or trustee, if any, if the property is not held in tennancy by the entirety.

 

The creditor could object to the post-judgment transfer. You should discuss this with your real estate/bankruptcy attorney as soon as possible. Good luck



Edited by Terry L. on 11/3/2009 at 6:42 PM EST
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

Yik! Just to clarify - our home has no mortgage & even in this market, value would be approx. 1.5M - does that mean that all of that beyond the $3,500. you discussed above is subject to attachment in the case of a judgement that exceeds that? (It does, over 15M)

If that's so, do you mean that they can force us to sell if they want to get nasty?

Don't know if this is the way to follow up with still another question or if I'm supposed to go through ask a question again - but I'll start here.

Thanks again.

Expert:  Terry L. replied 4 years ago.
Yeah, with no mortgage, bankruptcy would not be a wise option if your house is not owned by tenancy by the entirety. You would have too much debt to do chapter 13 debt repayment, so you may want to talk to a local attorney about doing a chapter 11, or else seeing if you can negotiate a settlement/repayment with the judgment creditor. They could put a judment lien on the home, and ultimately foreclose on that if there is no other mortgage.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you

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