Hi and thank you for your question. In the future, you can request me to answer any further questions.
That is incorrect. You still have an interest in that inheritance.
Even if by assigning a trustee, that would somehow transfer your right to the proceeds (which I believe it does not) the trustee in bankruptcy could avoid that transfer since it was fraudulent (meaning you didn't get fair value for the transfer)
I would say the asset is still an asset for the bankruptcy case, and the bankruptcy trustee could liquidate it, as the trustee steps into your shoes to liquidate any unexempt assets. At best, XXXXX XXXXX can vacate the appointment to bring the asset back to the bankruptcy estate and then can liquidate it
or basically what would happen, is that the bankruptcy trustee would permit the property to be refinanced to pay the proceeds of your share to the trustee.
Your only option to protect this interest is by filing a chapter 13 debt repayment to pay back enough to protect the equity.
do you have any questions JA customer?
While the house / the last part of my parent's Trust which says I am to get one fourth ownership in the house has NOT been processed as yet, if it is not processed through by the Trust Attorney at the request of our family members, does that change anything in your mind / answer?? Or, can I change my inheritance ASAP to have the house go straight to my kids preventing this whole house issue or will that be recognized as 'fraudulent conveyance' and also NOT be an option??
no, it does not. Since the inheritance is due to you, the trustee can wait until the probate or inheritance trust is required to pay out. By changing the inheritance yourself, that is a gift, which would be avoidable as a preference so no difference.
I don't see anything around the matter, until you get the inheritance, have your family buy your share for fair market value, then spend down proceeds on necessities. (or pay back the debts and avoid BK altogether)
are you still here?
if you have any further questions, I'll be happy to answer. thanks
That was going to be my last question as to what you think or suggest. I think you have the picture of my situation. By your last comment, if I delay filing BK, the house is processed through to my brothers and me, they buy me out and I spend all the cash on living expenses and back debt then file BK (assuming I am still in the hole!!), I would have to assume the BK Court has nothing to go after (in particular, the house). Yes? No?
that would be correct if you transfer your interest for fair market value
so 90k minus liqudation costs
Thank you for your time and input.
thank you for your time and thoughts. Frustrated and a desperate.
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