Bankruptcy Law

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I need to ask a question about filing for bankruptcy and…

Customer Question
I need to ask...

I need to ask a question about filing for bankruptcy and loosing my properties

Lawyer's Assistant: What state are you in? And has anything been officially filed?

North carolina , no

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am married and my wife and I are on all the deeds of the houses. But she is not in the business or in any of the leases or credit card debt I have

Submitted: 1 year ago.Category: Bankruptcy Law
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Answered in 9 minutes by:
7/13/2017
Bankruptcy Lawyer: DrakeLAW, Attorney replied 1 year ago
DrakeLAW
DrakeLAW, Attorney
Category: Bankruptcy Law
Satisfied Customers: 1,038
Experience: Attorney at Drake Law Firm PLC
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Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

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Bankruptcy Lawyer: DrakeLAW, Attorney replied 1 year ago

Are you looking to file chapter 7?

Is there equity in any of the properties?

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Customer reply replied 1 year ago
All the properties are paid in full
I don't know yet which type of bankrupcty I should file . The business do makes money but I got a huge debt so I might need to seek help to refinance that debt
Bankruptcy Lawyer: DrakeLAW, Attorney replied 1 year ago

Oh then you do not want chapter 7, you will lose all your properties except maybe your primary residence.

The property equity is going to be a problem for you no matter which route you choose. Even with settlement of the debt, the creditor(s) will likely see your property ownership and be wise to the equity.

It looks like credit card debt is an issue, and perhaps some leases? Give me an idea of what you are looking at for debts.

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Customer reply replied 1 year ago
I thought that the properties were protected as we own them under tenancy by its entirety and my wife is not in any of my business debts?
Is this incorrect?
Customer reply replied 1 year ago
We own all the 4 properties, we bought them and paid cash for them . We don't have a mortgage on them
Bankruptcy Lawyer: DrakeLAW, Attorney replied 1 year ago

I read that you were in California not N. Carolina, my apologies, so I never even asked about tenancy by the entirities.

So correct, the properties will not be sold in bankruptcy to pay for debt solely in your name. But they will be sold to pay for joint debt. One strategy is to pay off/settle joint debt before filing, thus fully protecting the properties in bankruptcy.

With that cleared up, let me know if you have other questions about which chapter or process, etc. Sorry for the confusion.

Please kindly rate the question so I may be credited. Thank you. You can still ask follow-up questions.

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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).

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