Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law
This answer was rated:

Thanks very much for your help to understand. In listing the

house as part of her...
Thanks very much for your help to understand. In listing the house as part of her debt, would it force my son to sell the home? He wants only to provide shelter for his kids (10-7-3) during this very tumultuous time.
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 8 hours by:
11/9/2008
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
How much equity is in the house?
Ask Your Own Bankruptcy Law Question
Customer reply replied 9 years ago

Thank you!

Sorry it took me so long to get back to you. I'm a minister's wife and I've

been in church most of today, etc. Sent an email to my son which he returned

with following info:

 

1. price of newly constructed home, settlement 9/21/07: $419,000 (appraised at 427K in July 2008).

2. $336,000 1st mortgage in both names

(1st mortgage in both names as her credit was so poor he could not have

taken out 2nd mortgage.

3. $32,000 2nd mortgage in his name

4. Approx equity in home: $51K - $59K

Thank you for considering my question.

 

Divorice filing: 6/24/08

Custody agreement signed by both parties: 10/14/08

Child support 'hearing' 10/15/08 mediator waiting for letter notifying

of her structured settlement payments every three years; the next

check arrives 9/1/09 - $90,000. Tax free. And each check in successive

three year increments will increase by $39,000, so in 2011, the amount

will increase to $129,000, 2015 - $170,000, until 2021.

 

 

Hello,


Thank you for your question. I am happy to assist you.


In Pennsylvania, a debtor can choose either the federal or the PA exemptions. PA does not provide a homestead exemption. However the federal exemptions provide a $17,450 homestead exemption per person. The exemption is calculated on the amount that the value of the home exceeds the mortgage. In your son's situation, his wife's interest appears to be half of 51 - 59 K or approximately 28,000.


For purposes of discussion, we can assume that she choose the federal exemptions. This would mean that she is over her homestead exemption by approximately $10,550. This is the amount that the trustee could claim in the bankruptcy. He could not force a sale of the home but could put a lien on it.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


Please hit ACCEPT so that I can get credit for my work

Bonuses and Positive Feedback gratefully accepted!


THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
Ellen and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Hello,

Thank you so very much for your generous bonus. Please let me know if I can assist you further. Good luck to your family.

Thank you,
FLAandNYLAWYER
Ask Your Own Bankruptcy Law Question
Customer reply replied 9 years ago

To FLAandNYLawyer:

 

Who is the "trustee" you mention in the second paragraph of your previous note?

Hello,

The trustee is the person that is responsible for overseeing the bankruptcy case.
Ask Your Own Bankruptcy Law Question
Customer reply replied 9 years ago

Dear FLAandNYLawyer,

Thank you SO much for this info. You have no idea how much peace it gives us...for now. It's not over yet, so - I'm sure I'll be contacting you in future. Thanks again.

You are welcome. Best wishes and I look forward to hearing from you again.
Ask Your Own Bankruptcy Law Question
Ask Ellen Your Own Question
Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
36,715 Satisfied Customers
Experience: Bankruptcy Lawyer. Experienced.

Ellen is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
Law Educator I am attaching my rough draft to the trustee
Law Educator I am attaching my rough draft to the trustee -please advise in your professional opinion if there is something that needs to be deleted or added. Also, I am attaching the minute entry to … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If the trustee rules that the person filing for bankruptcy
If the trustee rules that the person filing for bankruptcy has an equitable interest in real estate, can that ruling interfere with his exemption. Or is he allowed then to file for his right of redemp… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I am going to give you my situation as background. First, I
I am going to give you my situation as background. First, I have a job in the $75K range so will need to file Chapter 13 five year bankruptcy. I live in Florida and have a home in Louisiana with rough… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I live in Texas and am in the second year of my CH 13
I live in Texas and am in the second year of my CH 13 bankruptcy. I remarried after my filing and my wife is the sole owner of our home (She had it before we were married and it is mortgage-free). She… read more
Legal Expert Justin
Legal Expert Justin
Law Degree
229 satisfied customers
My mothers deed to the house, along with my sister. The
My name is ***** ***** mothers deed to the house, along with my sister. The house is long since been paid off, I need to file Chapter 7. She has proposed to sell the house/property to my sister... Wil… read more
KJL LAW
KJL LAW
Juris Doctorate
1,756 satisfied customers
BANKRUPTCY: 1. What happens to a home based-business (Travel
BANKRUPTCY: 1. What happens to a home based-business (Travel Agent) in Personal bankruptcy, Chapter 7? 2. Can debtor keep a Rental property (Wife only Mortgage) along with their primary residence(Husb… read more
socrateaser
socrateaser
1,031 satisfied customers
If you have a trial scheduled and the US Trustees Office is
If you have a trial scheduled and the US Trustees Office is trying to get your case dismissed and you have been dealing with your attorney who has been doing things that will get him disbarred, how do… read more
Michael Bradley
Michael Bradley
JD
1,191 satisfied customers
If you file a chapter 7 bankruptcy and I own a house free
If you file a chapter 7 bankruptcy and I own a house free and clear that's worth 15000 can I keep the house? if so do I have to claim it as an exemption… read more
LegalGems
LegalGems
Juris Doctorate
10,665 satisfied customers
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have hard evidence that the Trustee and Trustee atty were
Hello - I have hard evidence that the Trustee and Trustee atty were negligent, breached their fiduciary duties and allowed my federal case of fraud in the inducement run the SOL, without pursuing as t… read more
Dwayne B.
Dwayne B.
Juris Doctor
28,688 satisfied customers
The Trustee in a corporate bankruptcy case erased and/ or
The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witnesses testimony … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,317 satisfied customers
Second opinion] The Trustee in a corporate bankruptcy case
Second opinion] The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witn… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
My confirmation meeting is next week and th trustee wants a
my confirmation meeting is next week and th trustee wants a modified plan so i won't be confirmed, what may happen … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
I received notice from the Trustee of an "Order Striking
I received notice from the Trustee of an "Order Striking Filing For Failure To Comply With Required Procedures".I believe the problem is with a creditor who had an undeliverable address, however, I ha… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I had just filed chpt 13 met with trustee last Thursday I
I had just filed chpt 13 met with trustee last Thursday I got a surprise when I got home my son had paid off my home and car 359000 What do i do from here? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I recently made my last chapter 13 payment to the trustees
I recently made my last chapter 13 payment to the trustees office. I fell behind on my mortgage and have been in a trial modification. On the notice of final cure my lender stated the amount I was del… read more
socrateaser
socrateaser
1,031 satisfied customers
Does the trustee need a court order to sell a debtors
Does the trustee need a court order to sell a debtors primary residence? The equity is claimed as exempt, but the trustee believes there is more equity in the house than the debtor claimed. Reference … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
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 brok… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x