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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I currently have a foreclosed house and I have one that we

Resolved Question:

I currently have a foreclosed house and I have one that we only owe 14000 on, but we put it in my sons name. We want to file bankruptcy but can they touch the house we have? How much money are you allowed to have in the bank if you file bankruptcy? Can you have a house in your name that is paid for if you wanna file bankruptcy? We would file in Louisiana
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

How much equity do you have in the property you own?
Customer: replied 6 years ago.
120,000 but we had an lawyer put the house in my son's name. He said that this would keep the equity in the house from being levied from my forclosed house
Customer: replied 6 years ago.
We also have pretty much money in the bank and want to get rid of the current house we have and buy a different one, should be put the new house in someone elses name?
Expert:  WALLSTREETESQ replied 6 years ago.
a bankruptcy trustee would believe the property transferred to your son was yours, and possibly sell the home to pay your creditors. Also, any amount of money over your state exemption will also be taken.



20:1 - Property you occupy up to $25,000, but cannot exceed 5 acres if the residence in a municipality, or 200 acres if not located in a municipality. As to obligations arising directly as a result of a catastrophic or terminal illness or injury, exemption is the full value of the based on value one year before seizure. Spouse or child of deceased owner, or spouse obtaining home in divorce may also claim the exemption.

Personal Property

8:313 - Cemetery plot and monuments.

9:2004 - Spendthrift trusts.

13:3881 - Living room, dining room, and bedroom furniture; clothing; chinaware, glassware, utensils, and silverware (but not sterling); refrigerator, freezer, stove, washer and dryer; bedding and linens; family portraits; musical instruments; heating and cooling equipment; pressing irons and sewing machine; arms and military accoutrements; poultry, household pets and 1 cow; engagement and wedding rings up to $5,000; disaster relief insurance proceeds; motor vehicle up to $7,500.


13:3881 - The greater of the following: 30 times the federal minimum hourly wage per week or minimum 75% of disposable weekly earnings. Judge may approve more for low income debtor.

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