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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

20,266 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

20,266 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

35,182 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)

11,468 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)

11,468 satisfied customers
I filed bankruptcy in October 2015. In my bankruptcy I had

I filed bankruptcy in October 2015. In my bankruptcy I had my house that had 2 mortgages and my car. I am expecting to come into some money. At one point my mortgage offered me a settlement on my house. My second mortgage has agreed that if I pay 4500 then they will release the lien on my mortgage and the my car people are saying I have to speak to my trustee to be about paying it off early. My question is can I be discharged from my bankruptcy early legally if I pay my first and 2nd mortgage off and then pay my car. What is the best course of action to take in order to do this? The money that I am expecting would cover the all costs.

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DrakeLAW

Juris Doctorate

948 satisfied customers
I have a question about bankruptcy. Me and my husband lent

HelloI have a question about bankruptcy. Me and my husband lent my mother-in-law almost $4000 to pay for moving expenses and her first month rent on her apartment. She was in the process of selling her house at the time and would pay us back out of the money she got in the sale of the house. The house was on the market for a year before it sold. She finally sold it in May and pay us back the money she owed us. She is now having to file for bankruptcy. She met with a lawyer, in Maryland where she would be filing for bankruptcy and the lawyer informed her that if she filed there is a good chance that she would need to get the money back from us. We do not have that money in our checking account because it was used immediately to pay down a credit card. The money was borrowed and repaid, it was not a gift. Can you tell me if this is truly the case.

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legalg

Juris Doctorate

15,410 satisfied customers
I am married,and I want to file Bankrupcy ch7 by myself. I

Hi,I am married,and I want to file Bankrupcy ch7 by myself.I have a joint checking account,with my husband.Will they Bankrupcy trustee ask for the joiny bank account statements?

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LawGuy

Juris Doctor

40,346 satisfied customers
I have a question on bankruptcy law. The statement of

I have a question on bankruptcy law.The statement of financial affairs says in question 18:Within 2 years before you filed for bankruptcy, did you sell, trade, or otherwise transfer any property to anyone, other than property transferred in the ordinary course of your business or financial affairs?Include both outright transfers and transfers made as security (such as the granting of a security interest or mortgage on your property). Do not include gifts and transfers that you have already listed on this statement.I'd like some clarification on what this means. For example, suppose I have a piece of real estate property that is upside down in value. If I deed that property to someone else is this a transfer that has to be listed? It's not outside "ordinary" course of business in my mind because the property is worthless. Is ordinary course meaning I sell it at a deep discount? Is the court/trustee looking for property I've dumped for less than fair market value?I'm just wondering if worthless property is transferred if it has to be listed.

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Terry L.

Partner

Doctoral Degree

2,906 satisfied customers
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