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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?
When my mother died in 1984, she willed her half of the house
When my mother died in 1984, she willed her half of the house that she co-owned with her (second) husband to my sister and me. Our names were added to the deed in place of her as 50% owners of the house. Her husband was able to live in the house until his death under the California Probate Homestead Act. He died last September and the house was just sold. Thus, my sister and I just received one-quarter each of the sale price. The escrow paid California estate taxes and I'm wondering if the house sale will be considered inheritance from our mother? If so, I don't believe we'd owe federal taxes. If it's not considered inheritance, what percentage might we be expected to pay? Thanks for your help.
Person trades monies owed to him in a company.
Person trades monies owed to him for stock in a company. Person has judgments against him and various creditors. No BK is being considered. Is there anything illegal about his gifting that stock to family and non-family people? No current debtor examinations/garnishmentetc. His being owed money is of public record (public company).
BK chapter 7. No assets/no distribution. Person filed andView more bankruptcy law questions
BK chapter 7. No assets/no distribution. Person filed and rec'd discharge 04/14. Person thoughts debts owed to immediate family and relatives were to be gifted, so they were not listed as debts to be discharged from. I'm aware that if filer forgets a creditor,they are generally SOL. This is family, so I don't know if IRS views differently. 1. in BK court, can someone purposely (I'm saying that because of outside appearance of any family situation) not request to be discharged from some creditors, particularly family.I don't see how there could be preference since there are no assets, other than BK approved personal items. Some of the loans were post BK, some were during separation, which was pre-BK