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.
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!
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?
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.?
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.