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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have property title with my brother and sister 7 generation

Resolved Question:

I have property title with my brother and sister 7 generation home worth by taxes assessment around 59,000.00 my would be $19,000.00. I have 3 judgements atleast recently served on me for credit card debt . I do not want to do a chapter 13 for what i owe around 13,000.00.Was told that my sister and brother could refinance the property without me and I could file Chapter 7 or if they would let me take the money and pay my debts. We rent the home at the present time and my siblings do not ever want to sell it.Please advice
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

Your first sentence is missing something.

1) What is the current market value of the house?

2) What is the balance on the mortgage?

Customer: replied 5 years ago.

We own free and clear a farm house and land of 7 generation home we inherited. My brother owns a third my sister ownes a third and I own a third Through the tax assessment we ran on internet its worth around $59,000.00 We are sure its worh more but we will go with that to pay taxes. We rent it and the income is just to keep it going. My estimate of worh would be around $19,000.00. My debts including everything (credit card) is about that same amount.

I was told by an attorney we could refinance just with my sister and brother and I could file Chapter 7> I dont want to go through Chapter 13. I beleive I have or getting 4 judgements aswe speak . What do I do. I need advice

Expert:  cfortunato replied 5 years ago.
What is the reason for a re-finance (which cannot be done, in any event, if there is no mortgage already in place)?
Customer: replied 5 years ago.
I was just told that was the only way to get my name off of the title so I could protect the property since that is only thing I own What if I file Chapter 7 what will happen then to the land its in Meigs county 100 miles from here will it even show up under my name ?
Expert:  cfortunato replied 5 years ago.
Getting a mortgage or re-financing a current mortgage will not get your name off the title. To get your name off the title, you have to sign your share over to your brother and sister. If you do this, you have to wait 2 years before you file a Chapter 7 Bankruptcy, because if you file in less than 2 years after transferring your share, the Bankruptcy court can undo the transfer.
The other possibility is to get a mortgage for the value of your share of the property, to pay to the Bankruptcy court, so that the Bankruptcy does not take your share - which they can do if you file a Chapter 7 Bankruptcy.
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