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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17222
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My wife and I live in separate states and will be filing for

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My wife and I live in separate states and will be filing for a chapter 7 bankrupcy "married filing separate". We have rental property and I want to know if we can split the income in half on each filing. Also would we be able to do the same with a Note we are carrying?
Thank You

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

You can list the income received as 50% yours in your bankruptcy filing, as well as the note, if you are listed on the note and the rental property, however the trustee will want to see evidence that you only receive 50% of the income, and bank statements may be needed.


 

Customer:

My wife and I share accounts and 100% goes into our joint account.

WALLSTREETESQ :

The problem with such a filing is if their is equity in the rental property, if their is the trustee could force a sale of the rental property in your or his chapter 7 bankruptcy, and that issue is what has to be resolved, as State have different exemptions.

WALLSTREETESQ :

Then you can file it that way.

Customer:

We are upside down on both properties. I don't want the properties. I'm just concerned about satisfying being below median income. I live in CT and she lives in OK. If both these payments go into a joint account, can we still split 50/50? Thanks for your help

WALLSTREETESQ :

Yes, in terms of qualifying for the means test based on income it would be allowed to list the income as 50%, if that is true.

Customer:

Thanks so much for your help

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