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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37960
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I will file chapter 7 in June. 850K corporate debt, no assets.

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I will file chapter 7 in June. 850K corporate debt, no assets. House owned jointly by me and my wife. Appraisal 900K for home. loan1.7 mill. upside down No equity or other real assets. If I file chapter & bank will probably take home , personal guarantee for corporate. My wife is not corp owner and did not get personal guarantee.
Can bank take home since she is also owner?
Her sister has just died and she has life insurance payout of 20 K. Can she use this payout as down payment for new home 400k or lease of new home. she has another 100k in probate from sister. Is this
able to be used as downpayment for new home or to secure lease. Can I use my income after filing date to acquire or lease new home. With currentpayments 15K/month take home 20 after taxes, I cannotmake house payments. i am not delinquent.
How can I get funds under chapter & to lease or purchase new smaller, less expensive home?
thanks
jack tennessee
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

My wife is not corp owner and did not get personal guarantee. Can bank take home since she is also owner?

 

A: If you are on title with your spouse as tenants by the entireties, then the bank could foreclose your interest in the property, subject to the possibility that if you were to die before your spouse, she would acquire the property free and clear of the bank's interest. Since no one would likely be a buyer under such conditions, you're probably pretty safe from a foreclosure.

 

Her sister has just died and she has life insurance payout of 20 K. Can she use this payout as down payment for new home 400k or lease of new home.

 

A: Yes, that would be your spouse's separate property -- and, not part of your bankruptcy.

 

She has another 100k in probate from sister. Is this able to be used as downpayment for new home or to secure lease.

 

A: Same answer as previous.

 

Can I use my income after filing date to acquire or lease new home.

 

A: In Chapter 7: yes.

 

With currentpayments 15K/month take home 20 after taxes, I cannotmake house payments. i am not delinquent. How can I get funds under chapter & to lease or purchase new smaller, less expensive home?

 

A: I don't understand the question. Plese rephrase.

 

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