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WA Bankruptcy Lawyer
WA Bankruptcy Lawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 25
Experience:  30 years practice. Author of several articles.
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My name is on my mothers deed but not on

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My name is XXXXX XXXXX mother''s deed but not on her loan. I want to file chapter 7 bankruptcy will my filing but her home at risk to the trustees if she has a lot of equity. I am in GA and she is in NY. My GA home does not have any equity.

In addition I have an S Corporation which is my only sourse of income will filing personal chapter 7 bankruptcy leave my business vulnarable to be terminated by the trustees
Your name on your mother's property. Yes, if you file it will put her home at risk to the trustee. It is something that can perhaps be dealt with if addressed in dvance. However, it will need both your lawyer and your mother's attorney to look at it.]

Your bankruptcy will put your stock in the trustee's hands. What the assets of the corporation are, the value, and a host of other questions then come to mind. Short answer, probably.

WA Bankruptcy Lawyer and other Bankruptcy Law Specialists are ready to help you
Customer: replied 9 years ago.
Thanks for your timely response, in order for you to better answer my question ,I thought it necessary to give you some pertinent information. I will be willing to pay more. It is my first time using the site and I did not press accept since I want to continue speaking with you. We have already qualified for the Means Test.

My wife and I need to go forward with the bankruptcy, time is of the essence. My mother was planning to sell her house anyway, I have been on the deed for the last 4 years. I have been in GA for the last 3 years. If Mom was to go ahead with sale and I were to go ahead with the chapter 7 simultaneously will the trustee take 50% of her profit (my half of the equity) or will they want all of her profit after the mortgage is paid off? At present her mortgage balance is $443,000.00 and he house is valued about $555,900.00 on 07-08 tax records and projected $536,000.00 on 08-09 tax records.

My S Corp was formed in June 2007. We have shares; half in my name and half in my wife`s name. We work from home; we do not have DUN & BRADSTREET #. We are a transportation brokerage, at present we do not have any business assets. Our only form of advertisement is business cards and we do not have a company website. We facilitate moving vehicles from dealership to dealership or to homes in all 48 states. We solicit dealerships via cold calls, referrals and building relationships.

When a dealership asks us to move a vehicle we give them a quote, once the quote is accepted we post the vehicle on-line on a site that all truckers can access, a trucker then calls for the load. We dispatch the load to the trucker only after we verify the Motor carrier Authorities and have their Insurance Agent make us certificate holder. This covers the dealership in case of damage during transit.

When the dealership pays us, we then pay the trucker. We are paid via checks and credit cards. Will the trustee see our company as a treat to the public or a liability to the public and as a result move to have my business terminated? We also carry a bond that covers us up to $10,000.00 for paying truckers if we fail to pay them. None of the debt I am writing off pertains to this current business, We are in good standing with our bond company and all our truckers.

Since my mother is planning to sell her home anyways because of her drowning adjustable mortgage, my main concern now is will I be able to keep my business or will the trustee gain control.
Since the business is,for all intents and purposes, a personal services business, continuing to run the corporation is probably not going to be impacted. You are getting into extremely complicated bankruptcy issues and you need the advice of a local attorney who knows what the local practice is. If you were in Seattle, I might be able to give a reasonable answer. You are not. I don't think a trustee would do anything but I am guessing, at best. THe bond is another issue. Is it a cash bond? Who posted it? Is it your asset or the corporation's. I can see a trustee seeking turnover of the cash if it is a cash bond. If it is merely an insurance contract, that is another question.

Why are you on your mother's deed? I can forsee a trustee trying to keep 1/2 of her proceeds or 1/2 of the gross proceeds because you are not on the loan.
Customer: replied 9 years ago.
Reply to WA Bankruptcy Lawyer's Post: I was first on her mortage to assit her with getting the loan, however during that time I could not get a loan to help me with my business because they saw me attached to her mortage. She refinanced two years ago to get me off the loan but did not think to take me off the deed, infact she thought it was wise to have me listed in case something happened to her, I told her that is what wills are for. When you say half of her gross proceeds what exactly do you mean?

About the bond, it is cash, we pay $500.00 every month, we have about 6 more payments to make. Without the bond we cannot be brokers. It is in our corporation`s name but our personal credit was used initially to set up the downpayment and payment terms.
When I say gross proceeds I mean the entire amount received.

The questions you are asking are much too complex for this forum. You really need competent counsel in your area.
Customer: replied 9 years ago.
Thanks, XXXXX XXXXX been 3 times to a bankruptcy office to file and I can`t seem to get answers, they have been steering me towards chap 13 but that includes unsecured debts & and would leave my house vulnerable.

I have tried to explain to them if I am having a hard time keeping up now, how can I commit to the trustees for my vehicle and unsecured debt which also includes attorney fees for 5 years.

Now that I finally came up the money to make my house and car current, to file the chap 7, I have this added problem of the deed and whether or not the trustees can go after the business.

Shouldn`t my attorney be certain of these answers in order for me to make the best decision for my household? I am beginning to think that they are just interesting in filing the papers not helping me make the best decision and one that I can maintain.
My belief is that a 13 may be a better option but you need a new lawyer. Whoever you are seeing is missing many points.