I need to get out of the current house now. It is one of the main reasons i am in BR.
12K/month note 4-5 k month taxes utilities. Like everything in medicine, payments have gone down. These payment and the corp debt is killing me.
You can stop paying the mortgage and stay in the house during the bankruptcy as the bankruptcy would stay the foreclosure during the pendency of the bankruptcy - an extra 90-120 days
The house that I would like to move to is much smaller, in a great location, 5 years old like new . all brick, pool .25 acre lot. 6200 sq ft Good inspection. Because real estate is so low now, owner wants to move up to lakefront house. 2 million lakefront house he is getting for 1.2. He cannot get mortgage untill be gets out of present house . He is asking 525K will take 175 down and finance the rest a 6 % for 5 years. Great deal. I would not want to lose if at all possible. It will not last on market 120 days.
Great deal if your son buys it
payment with utlities takes 30% of my previous home and this one newer.
Would 11 bet me get into this house now and out of the old as a form of reorganization?
Remember in an 11 you would be paying a portion of your unsecured debt and would require court approval to obtain an extension of credit
I also have a 16 year son at home., would this help with the BR exemptions.
What is your best idea of how I can get into this new house aug 1, stop paying on the old house. Keep my financed cars and my house contents(nothing really valuable)
and still be within the chapter 7 rules.
The house appears to be your only difficulty. Possibly if your son buys the house and he makes the mortgage payments until after the 7
My medical corporation sub s)would also be part of the BR because I am the sole owner and I signed the equipment and buildout note personelly. I was unable to buy the building after buildout. The building and the buildout is owned by someone else who also paid for part the buildout with his own money. he is not signer on the corp note.
'All liability could be discharged in the 7
Most machine have died. one or still good. I have been told to transfr to unnamed new corportaion befor BR. How is this done.. REF?
That could be considered a fraudulent transfer