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I am filing chapter 7 bankruptcy in FL. My mother passed away

in 1999. My Brother &...
I am filing chapter 7 bankruptcy in FL. My mother passed away in 1999. My Brother & I have 3 lots, but the lots still are in her name. What should I do?
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Answered in 2 minutes by:
6/12/2013
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*

Hello,

Thank you for your question. My name is FiveStarLaw. I am a Florida licensed bankruptcy attorney and I will do whatever I can to answer your questions!

You are required to list your interest in the lots as an asset. Since Florida law does not provide for an exemption for non-homestead real property, the trustee may liquidate your interest in the lots for the benefit of creditors.


I think this is what you wanted to know. Please let me know if I have answered your question or whether you would like further information...but please do not shoot the messenger.
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Customer reply replied 4 years ago

I am concerned my Brother will lose his half of the 3 lots. Will this happen? If I don't list these since they are in My Mothers name will they find them?

I understand your concern.


Whether the trustee would find the undisclosed lots depends upon the particular trustee and whether any of your creditors bring your mother's estate to his attention. If the trustee is made aware of the omission, the penalty is severe.

It is a felony to knowingly omit an asset from a bankruptcy petition. Omission can also result in denial of your bankruptcy discharge meaning you would remain indebted to the creditors despite the fact that you filed a chapter 7 bankruptcy.

The bankruptcy trustee would succeed to any interest that you have in the lots. If you are an equal owner with your brother, the trustee will become an equal owner with your brother. Your brother's interest in the property would not typically be affected by your bankruptcy

I would be glad to respond to any follow-up questions that you may have.
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Customer reply replied 4 years ago

My attorney told me to say the property belongs to my brother or if I decided to tell the trustee we could cut a deal with him (money) & I can keep the property. Your thoughts? I am to say the least confused.


Your attorney is telling you to lie???? I would not advise submitting a false petition- I doubt that your attorney would give you that advice in writing.

If you list the property, the trustee will typically work out a deal where you can purchase out his interest in the property.
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Customer reply replied 4 years ago

I so appreciate your honesty. If the trustee works out a deal to purchase his interest, will the creditors still take the remainder of my half?


No, they would not. The trustee represents the creditors and would be purchasing your entire interest in the property for whatever price you negotiate
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
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Thank you very much for the "excellent service" rating.
If I can be of assistance in the future, begin your question with: "For FiveStarLaw"
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Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
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