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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2569
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Today, I went to file Chap. 7 bankdrupsty. While in the courtroom,

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Today, I went to file Chap. 7 bankdrupsty. While in the courtroom, the clerk asked about "inheritance". My mother had passed away in 2006, and her home was left to myself and four other brothers, with the oldest being the executor. The home has never been sold, nor settled in any way. Since I have had nothing to do with it, and my attorney did not mention it prior to the hearing today, it was totally out of my head until the judge asked. I told them the entire story, they did do the discharge, but said for me to get a copy of the will (which I jsut had faxed to the attorney) and I will meet with my attorney on Monday.
The judge said perhaps the attorney could find a way to "exempt" my portion of the house taxed value. What will happen? What should I do? Thank you so much
I am in Va and my mother's home is in VA, and the total tax value is $318,000. , 2010.
Paul

Also, I do not want to jeopardize my brothers share of the inheritance of my mother's estate, because of my own bankrupsty that had to be done as I became very ill last year. (the other 4 brothers are not aware of my filing) I don't know what my attorney can do, but the judge did say," get the will to your attorney and perhaps he can find a way to protect that (the home) asset. I am truly troubled by this, I don't want my mother's home forced sale on the court house steps and my brothers excluded on my account. There must be a way to get around this, or the judge wouldn't have mentioned it?
Again, thank you.
Also, I do own my own home, which I kept and agreed to pay as agreed. Also, one car, with a payment and agreed to pay. I discharged $95,000. in unsecured credit card debt. (Until now, my credit score for over 35 years was over 800!) I am 53 years old.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

You have a 1/5th interest in the value of the property.

Terry L. :

So, take the current value, subtract any mortgages, and that would leave the equity.

Terry L. :

From that equity, divide by 5 to see what your share of the equity is.

Terry L. :

If you live in the home, you may be able to exempt it as a homestead

Terry L. :

Talk to your attorney to see if there are any other exemptions available to use.

Terry L. :

If not, then the trustee will decide if the value is worth pursuing.

Terry L. :

IF so, the co-owners can refinance the property to pay off the trustee.

Terry L. :

The trustee would then split the proceeds between all of your creditors.

Terry L. :

Thanks for your question, good luck.

Customer :

The house is worth according to tax records, is $318,000.00 and is uninhabitable actually. But there is 13.3 acres of land with it. No one has lived in the house since 1996. I did not file a homestead agreement for my current home but just declared that I would keep paying on it as scheduled and have never been behind in a payment.

Customer :

Can you instruct me as to what I should say exactly to my attorney? Is there any other way?

Terry L. :

Give your lawyer all the facts. You may want an appraisal of the house and land, and any professional statement that it is uninhabitable.

Customer :

And there are no outstanding liens against the house. Also, more importantly , I DO NOT WANT MY BROTHERS TO suffer because of my bankrupsty filing. They are in need of that inheritance. Surely, there must be a way to resolve this. I am very upset and scared of harming them

Terry L. :

Your lawyer will protect what they can,but if there is value, the trustee can go after it if it cannot be exempted.

Terry L. :

best to show the trustee that they won't get much, and they may be less likely to liquidate if so.

Terry L. :

any other questions?

Customer :

How much is much to go after?

Customer :

Because 1/5 of $318 is $60,000.

Customer :

I discharged $95,000.

Terry L. :

the can go after $60k less any costs of sale that the trustee would incur if they sold it

Customer :

The house is ready to fall down actually, no heat, the ceiling is caving in.

Customer :

Just the land is worth about $150,000.

Terry L. :

Get the appraisal then on the whole deal, then you would have a better idea.

Terry L. :

Since $60k is a good chunk of the debt, then it may be likely the trustee would go after it

Customer :

What if we were able to get a buyer for the house?

Customer :

for say, $200,000, could they just take my part?

Customer :

only 1/5 of the sale?

Terry L. :

If the court determines that is what the true value is.

Terry L. :

it would be have to be approved by the court since the trustee technically owns your share right now

Customer :

So, even though, the house has never transferred ownership to me or my brothers, still in my mother's name, it is still my assett?

Customer :

This is just dreadful!

Terry L. :

Your lawyer is on your side. they can help you out here. Go confide with them.

Terry L. :

Thanks for your question, good luck.

Customer :

One other question about this. I kept my car , a 2007 Yaris that I drive to work each day, 130,000 miles on it, I still owe $6,200. In the brupsty docs it says, to keep and pay, but the "exempt" box was not checked off. I am still paying on it, but have not rec'd a bill for this month, due 12/25/10. It usually comes with my Navy Federal Share Savings account, which Navy Federal Visa was declared, they sent me a letter saying they were closing my checking accout and visa account there, but nothing about the car. I mean to keep the car? Are we safe in this?

Terry L. :

You need to reaffirm the debt. The creditor should prepare a reaffirmation agreement and get to your attorney to sign and get to you to sign then file with the court to keep the vehicle. you may need to send direct payments to keep current.

Customer :

I would be very greatful if other attorney's would step in and give other opinions. Is this possible? I am just so upset, thinking today would be the start of a new chance/life and then "wham!" As soon as the judge asked that question, I thought of the house. If it had only beeen in our names, then I would have been paying taxes on it and thought of it. This is terrible. I am taking Monday off to speak with my attorney, but I would like to be totally prepared....

Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2569
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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