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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38910
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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If I file chapter 7 July 1. I pay extra income tax June.

Resolved Question:

If I file chapter 7 July 1. I pay extra income tax June. Getting rid of house anyway. Would this affect her since she is joint owner of house and signed loan. Would she also have to file chapter 7 to walk away from house. Can my wife buy new house in June in her name and I cosign for income verification purposes? Can I increase her salary in June to help verification. Do the inheritance from her sister and possibly mother need to be rescinded to my son to avoid problems. We are probably JTWRS, Does that make a difference on your previous answers. Jack
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

Would this affect her since she is joint owner of house and signed loan?

 

A: I don't understand what your paying income tax ha to do with your spouse's rights and interests in the property. So, my answer is "no," mainly because I don't understand the question. Feel free to rephrase it for me.

 

Would she also have to file chapter 7 to walk away from house?

 

A: If she is on the loan, then yes, because Tennessee permits a lender to obtain a deficiency judgment for the unpaid loan balance.

 

Can my wife buy new house in June in her name and I cosign for income verification purposes?

 

A: As long as you do not take title to the property, and your spouse does not use any marital assets or any of your separate assets to acquire the property, then the acquisition will not impact your bankrutcy.

 

Can I increase her salary in June to help verification?

 

A: Unless the increase is bona fide/honest, you could be charged with federal bank fraud.

 

Do the inheritance from her sister and possibly mother need to be rescinded to my son to avoid problems?

 

A: The inheritance is not your property, so it has no impact on the bankruptcy. If your spouse is considering bankruptcy, then she may want to disclaim her interest in the estate -- but, that depends on who gets the inheritance if she disclaims. That's a whole different subject. If you want to discuss that, please open a new question on the justanswer.com homepage.

 

We are probably JTWRS, Does that make a difference on your previous answers?

 

A: No.

 

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