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.?
Relevant facts: -I am a 'pro se' ch. 13 filer. -My 4th
Relevant facts:-I am a 'pro se' ch. 13 filer.-My 4th amended plan was confirmed by the court very recently.-Also recently, my mortgage lender filed a motion for relief from stay (which I expected as I was in arrears post-petition by 4 months when they filed). The morning of the initial hearing on the matter - held 8/25/16 - I discussed entering a consent order with the mortgage lender's attorney. We communicated this to the judge and he set final hearing for 9/22/2016 (this coming Thursday morning). (At that time, the judge told me that if I could not come to some sort of agreement with my lender then I could present - at the final hearing - whatever evidence I want him to consider for denying their motion to lift the stay).-I have the order in hand (they sent it to me last Thursday and followed up today asking if I agreed with it) but have not signed yet because I have a couple of questions. The 'Order Granting Modification of Stay' stipulates that I am to begin making regular monthly payments starting 10/1/16. Monthly catch-up payments will commence on that date as well (I will have 9 months to cure the arrearage). The source of funds is a gift from my spouse (we are separated currently).- According to nolo.com, "the court is predisposed to continue the bankruptcy protection." Also, "Since property used as collateral must be paid for or returned during bankruptcy, the court will normally lift the stay unless the debtor can bring the payments current or show another good reason to deny the motion (for example, the debtor will use one of the available methods for dealing with secured debts in Chapter 7 bankruptcy, .....*****or the debtor has provided for payment of the debt in a Chapter 13 repayment plan)."Questions:- Is simply modifying my current (confirmed) plan to provide for payment of the post-petition arrears (using the gift funds from my spouse) a viable option for me? Is it really very likely the court would go along with that? I would need to file my modified plan tomorrow if this is a good defense. My total arrears is $5426.48, of which $1676 are attorney's fees.-The lender's initial filing included an exhibit - a tax assessment - that was not actually for my property (it was for another condo in my building) yet represented as such (in other words, they made a mistake). Is this a potentially 'fatal defect'....possibly necessitating re-filing if I bring it up to the judge? (I did mention the defect to the lender's attorney prior to the initial hearing and she replied with "well that's actually good for my client because the tax assessment in the filing is higher than what yours actually is (I had told her mine was less) ...which means they have a smaller equity cushion.....(I understand this but the point is there is an error in the filing).I have a few other questions but would like view your replies to these first.
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!
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?
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.
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.
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.
My mom owned a car free and clear that she gave to me 8
My mom owned a car free and clear that she gave to me 8 months ago valued at about $23,000. This then became an asset, however, I am married and was married at the time she transferred the title to me. Now I have this workers comp suit and so if I lose at the hearing, I am concerned they can take the car. My questions are:1. Can I give the car back to my Mom since it was only about 8 months ago or would this be a fraudulent transfer?2. The car is titled in my name but is the car owned by me 100%, or is this asset a joint asset between me and my wife like all of the assets my wife and I own together?