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I am into month 58 of a 60 month chapter 13 and have been

I am into month 58 of a 60 month chapter 13 and have been given a cd for $35000, it was a gift from a dear friend who recently passed away, can I keep it. ?JA: What confuses you?Customer: Can I keep the money ( gift )JA: What state are you in? And has anything been officially filed?Customer: FloridaJA: Has anything been filed in civil court? If so, what?Customer: Nothing filed in civil court.JA: Anything else you want the lawyer to know before I connect you?Customer: No

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legalg

Juris Doctorate

19,712 satisfied customers
My wife and I are in month 38 of our Ch. 13. My mother, a

My wife and I are in month 38 of our Ch. 13. My mother, a new widow, would like to either gift us money or purchase some raw land for us in the amount of $42,000. Do I have to disclose this to my trustee?JA: What state are you in? And are you working with a local attorney?Customer: Yes. Arkansas. The attorney's assistant stated that the trustee would require liquidation of the property to pay unsecured debts, but I am not seeing any reference to that.JA: Has anything been filed in civil court? If so, what?Customer: Nothing in civil court.JA: Anything else you want the lawyer to know before I connect you?Customer: Not that I know of.

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legalg

Juris Doctorate

19,712 satisfied customers
Just filed for chapter 7. I have NOTHING but property. I do

Just filed for chapter 7. I have NOTHING but property. I do have equity in this property. My personal CC debt is approx $40,000.00 and my corporation (defunct) has $100K in CC debt. ( I personally signed for, no choice) The trustee is taking $45,000.00 out of the sale of my home. to pay off creditors. I am stunned by this amount.

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Terry L.

Partner

Doctoral Degree

3,014 satisfied customers
I'm in California and I have recently been on disability and

I'm in California and I have recently been on disability and will continue being on disability for awhile. I have been and will be at reduced pay and under financial stress will need to file chapter 7 soon. I have consultation appointments with bankruptcy attorneys however some burning questions keeping me up late at night, mostly involving transfer of vehicles prior to my consideration of bankruptcy.1. Early 2015 purchased honda civic $4k for my son (lives at diff address) and kept title under my name because he didn't have license and because we kept the vehicle on my insurance and under my address. Fast forward Oct 2016 still no license he expressed lack of motivation due to not happy with vehicle and not having at his home. We sold honda civic $4500, and we bought a different vehicle put under son's name due to insurance reasons reflects his current address and his mother paying the insurance. Will this vehicle be demanded back by trustee?2. Mid 2014, my 2 siblings and I pitched in money to buy my older parents a 2014 Nissan altima ($15k price vehicle split 3 ways) and I kept vehicle in my name because I was covering insurance at my father's request. Fast forward Oct 2015 I asked siblings to take over insurance payments because of my reduced income, and long story short there was a disagreement on why vehicle is under my name instead of parents. To resolve the dispute since instead of paying back my siblings for the original cash they had pitched in, I had transferred the title to my siblings and stated as a sale transaction of $8k implying that was the amount they originally pitched in for the vehicle as well as the $800 in tax they'll have to pay for the transaction. Will this now also be flagged as inappropriate transfer of asset and will the vehicle be taken back by trustee?3. August 2015 my wife had a breast augmentation that cost $7k , however, my mother in law fronted the money by paying the surgeon and then I gave my mother in law $5k to cover most of it since she was gifting us $2k of the cost as a gift. Will this also be flagged as inappropriate transfer of cash and will they go after mother in law for the cash?My hopes is to keep my chapter 7 low key and unknown to relatives and friends however these above issues concern me.

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TJ, Esq.

Juris Doctor (JD)

12,064 satisfied customers
Regarding my previous question (Bk 7), home equity of

Hi!Regarding my previous question (Bk 7),home equity of $18000:Do you think that the trustee would deduct certain potential expenses from my "equity" ,to estimate their "PROFIT,like :real estate broker fees,listing fees,closing costs?If they do,then broker fees are 6%(about ,closing costs about 3% ,so that would add to about $8800 (from the officially a;praised value of $98000).In this case,18000 equity -8800 expenses=aprox $9200.So im assuming they would "ACCEPT" me to pay about $9000 to keep my home(with gifted funds).Can my SIster In Law be the GIFTER?thanks!

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Phillips Esq.

Attorney

Juris Doctor

22,656 satisfied customers
Chapter 7 Bk Illinois. I am married,but want to file Single

Chapter 7 Bk Illinois.I am married,but want to file Single Bk chapter 7.I am worried about losing my condo,primary residence.I purchased my Condo,located in Chicago,BEFORE marriage and mortgage is in my name only.I got an Appraisal done on Aug 1st(is this appraisal too old if I file now?),valued at $98000.HOME exemption in IL,to my knowledge,is 15000.My mortgage amount is 65000.So 98000-65000-15000=18000 remaining home equity.Q:can I save my home ,is there any way?My mother is willing to gift me some money,to pay for part of the "equity" of 18000,but not the full 18000.Can I negociate with the trustee to settle for some money,instead of selling my property?What can I do?

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Phillips Esq.

Attorney

Juris Doctor

22,656 satisfied customers
State: Louisiana; Question on allocation of non-exempt

State: Louisiana; Question on allocation of non-exempt property between adult family members living in the same household.The situation would be that a homeowner and wife are filing Chap 7. Living in the same house is the homeowner's 27 yr old son and family, who recently moved back to the house to save up money for a house down payment.How would a trustee make the determination to allocate/divide the non-exempt property between what the homeowner owns versus what the son owns. Such property include televisions, electronic equip, musical instruments, toys, portable A/C, aquariums, furniture, etc.?

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LawTalk

Attorney at Law

Juris Doctor

38,574 satisfied customers
I would need to file BK chapter 7.I am married but want to

Hello,So I would need to file BK chapter 7.I am married but want to file SINGLE Bankruptcy Chapter 7.I own a condominium property(primary residence),in Chicago Illinois.I hired an appraiser and they determined the value at $98000.My Mortgage balance is $66000.The Illinois homestead Exempt amount for a property is $15000.Would the trustee consider any other costs on top of the $15000 exemption,that would reduce my equity?(like real estate agent fees,title,etc )?So 98000(appraised value)-66000(mortgage balance)-15000(exemption)=17000 EQUITY so far...My mother would be giving me a gift (money) to pay for the "Equity" ,so that the trustee doesn't sell /foreclose on my home.Thank you!

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TJ, Esq.

Juris Doctor (JD)

12,064 satisfied customers
I might have to file Chapter 7,in Illinois. I own a

I might have to file for Bankrupcy Chapter 7,in Illinois.I own a property/condominium.The Exempt Equity in IL is $15000.If I have any equity remaining(after deduction of $15000 Exempt Equity),can I just ask the trustee that I can borrow money from family and friends,and pay the Equity amount,so that I can keep my home?Will they give me priority in paying,or they would just foreclose and sell it?

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TJ, Esq.

Juris Doctor (JD)

12,064 satisfied customers
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