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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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i AM FILING CHAPTER 7 MYSELF AND WOULD LIKE TO KNOW HOW I ENTER

Resolved Question:

i AM FILING CHAPTER 7 MYSELF AND WOULD LIKE TO KNOW HOW I ENTER THAT I OWN A HOUSE (NAME ON DEED) BUT THE MORTAGE IS NOT IN MY NAME.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

If the mortgage is not in your name, you would enter the house on Schedule A.


 

cfortunato :

If the house has any equity, you would also enter the house on Schedule C.


 

cfortunato :

(Equity = current market value minus the balance on the mortgage, even though the mortgage is not in your name.)\


 

cfortunato :

Is this what you wanted to know?


 

cfortunato :

Is the house in someone else's name also?


 

cfortunato :

What is the current market value of the house?


What is the balance on the mortgage?

cfortunato :

Are you there?


 

cfortunato :

I can continue to help you when you return.

Customer:

Sorry I was away. The house is in my exhusbands name and he pays the mortage and my name is XXXXX XXXXX the deed. The value of the house is 88,700 the mortage balance is 83,000.

Expert:  cfortunato replied 4 years ago.

Thank you for your response.

 

Since the house does have some equity, you also want to list the house on Schedule C, so that you can apply your $5,000 homestead exemption to the house - so that it cannot be taken and sold by the Bankruptcy trustee.

Since your name is XXXXX XXXXX the mortgage, you would not list the mortgage on any of the Schedules.

 

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

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