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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have 30.000 in dedt in my name

Resolved Question:

I have 30.000 in dedt in my name only and want to file chapter 7 My wife and i own a land in oregon with garage on it worth 50.000 bought for 140.000 paid for (its tenents by entirety) We also own property in hawaii that we owe more than worth by about 60.000 we are also in loan modification on hawaii home should be done in a week or so..... if i file alone will we lose oregon
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.
Hi JACustomer,
Oregon does not give complete protection for property held as "Tenants by the Entirety". The property can only become completely protected if the non-debtor spouse survives the debtor spouse, in which event the non-debtor spouse would own the entire property.
If the debtor spouse survives the non-debtor spouse, the debtor becomes the owner of the entire property, and his creditors can then attach it.
If you file a Bankruptcy, you would be able to get a discharge right away, but the case can be kept open indefinitely, until the Tenants by the Entirety is "broken".
In summary, the Bankruptcy trustee might and might not be able to get the Oregon property.

I think this is what you wanted to know. If not, please let me know.
Thank you!
Customer: replied 3 years ago.
Well it's not about what I want it's about if I'm protected or not and it sounds like I'm not under 7 would I be protected under 13 and would 13 be better in this case

Thanks

Gary
Expert:  cfortunato replied 3 years ago.
If you file a Chapter 13, you have to make monthly payments to the Bankruptcy court for up to 5 years. The monthly payment would be your disposable income - which is your gross income minus allowable expenses - such as housing and transportation.
If the total of your payments would be at least $50,000 (the value of Oregon), you would be able to keep the Oregon property.
Customer: replied 3 years ago.
I will not ask any more after this so other than dying or paying off loans there is no complete protection

Thank you

Gary
Expert:  cfortunato replied 3 years ago.
Yes - but before you decide on the second option, you may be able to make an arrangement with your creditors to pay a portion of what you owe. Most unsecured creditors will discuss a settlement of around 50% of the outstanding balance if the payment is one or two months overdue.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you

Gary

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