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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am about to have a judgement against me by a creditor from

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I am about to have a judgement against me by a creditor from the court. From what I was told they will eventually garnish my wages and my bank account then seize my property. That condo is owned b/t me and my parents and is used as an investment (I co-owned the line of credit and I think maybe the mortgage as well). I don't care if the creditor garnish my wages and such but I don't want them to seize or but a lien on the property cuz then I can't sell it. What if they seize the property, will I be force to foreclose that condo? is there anyway I can stop them from seizing my condo or put a lien on it? I was thinking of declaring bankruptcy but JA told me the bk of trustee will force me sell the condo to pay the debt so I guess it doesn't matter. Is there anything else I can do? Please helpppp
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi JACustomer,
1) What is the current market value of the condo?
2) What is the balance on the mortgage(s)?
3) Have you and your parents contributed equally to this condo?
Customer: replied 2 years ago.
1) Current estimated market value is $380,000.00. We've been trying to sell it for $367,000 for past year but no buyer. We bought it for $340.oo
2) Mortgage is $253,157.02 and Line of Credit is $25,500.oo
3) My parents is the SOLE contributer in making the mortgage and Line of Credit. It has always been like that the moment the settlement was signed which was in 2006.
Expert:  cfortunato replied 2 years ago.

Since you have not contributed anything to the condo, all of the available equity belongs to your parents, even though the condo is also in your name.

This means your creditors cannot force the sale because there would be no money for them to get from such a sale.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

Customer: replied 2 years ago.
Even though we r not currently living in the condo and it is being rent out? The unit is an investement. Will I have to provide proof that my parents are the sole contributer on the mortgage and the line of credit? And how do I provide proof to the creditor?
Expert:  cfortunato replied 2 years ago.
Yes - you may have to provide proof that your parents have paid all the money for the condo. Copies of their cancelled checks (their account number(s) can be whited out) would be sufficient proof.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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