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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4691
Experience:  36 plus years of experience specializing in bankruptcy law
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We have been considering bankruptcy for some time now. We

Resolved Question:

We have been considering bankruptcy for some time now. We had two rental properties. We lost one to foreclosure in January, and we are about to lose the other one. My father-in-law has his house (a modular) in my wife's name. I am assuming we would have to claim this as asset during a bankruptcy. I obviously can not give up the house my father-in-law purchased and is living in. Is there a way we can file for chapter 7 and still keep his house that he transferred to my wife when he was not doing well physically?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 2 years ago.
Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.
How much is the modular home worth? What is the balance owing?
Customer: replied 2 years ago.
It is paid for. Worth between $40k - $55k
Expert:  dylatess replied 2 years ago.
That is not good. Since it is not your personal residence (you have to live there) you cannot claim it as your homestead which allows you to protect up to $60,000 of equity if you lived there. So that asset cannot be protected if you filed chapter 7. Instead you will need to file a chapter 13 and work out a repayment of your debts but reject the money you owe on the rentals. Go see a BK attorney ASAP.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4691
Experience: 36 plus years of experience specializing in bankruptcy law
dylatess and 2 other Bankruptcy Law Specialists are ready to help you

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