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I am looking to file bankruptcy but just learned my dad put…

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I am looking to file bankruptcy but just learned my dad put deed to his house in all five kids name ... he still lives in house ... I am also married and want to file individually ... I have little income but husband has good income but won't pay my cc debts

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

Okla and no

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

No

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

My daughter had car that is paid for and loan was in her name but we are both on title. but has never been my car

Submitted: 7 months ago.Category: Bankruptcy Law
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Answered in 6 minutes by:
9/26/2017
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago
Ray
Ray, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 47,100
Experience: 30 years in civil, probate, real estate, elder law
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Customer reply replied 7 months ago
Also on chapter 13 how does it work with spouse and his income. I know it comes into play but what if he refuses to help with my bills
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

You would need to quit claim your interest here back to father prior to filing Chapter 7.You would want to let several months pass and then file here.Otherwise they can claim your share of father's house.He could do will and will you your share here.This would be your means to try and shelter the property from the bankruptcy.Your other option here is to claim it as your homestead if you aren't claiming another one and then it would be exempt as an asset.

Exemptions

When you file bankruptcy in Oklahoma you may also use certain federal exemptions in addition to your Oklahoma exemptions.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

Homestead

Real property or manufactured home to unlimited value; propertycannot � acre, may claim $5000 on 1 acre in city, town or village, or160 acres elsewhere (need not occupy homestead to claim it exempt aslong as you don�t acquire another)

31-1(A) (1), 31-1(A) (2), 31-2

Insurance

Assessment or mutual benefits

Fraternal benefit society benefits

Funeral benefits prepaid & placed in trust

Group life policy or proceeds

Limited stock insurance benefits

36-2410

2718.1

36-6125

36-3632

36-2510

Miscellaneous

Alimony, child support

Property of business partnership

31-1(A) (19)

54-225

Pensions

County employees

Disabled veterans

ERISA-qualified benefits

Firefighters

Law enforcement employees

Police officers

Public employees

Tax exempt benefits

Teachers

19-959

31-7

31-1(A) (20)

11-49-126

47-2-303.3

11-50-124

74-923

60-328

70-17-109

Personal Property

Books, portraits, pictures & gun

2 bridles & 2 saddles

Burial plots

100 chickens, 10 hogs, 5 cows & calves under 6 months, 20 sheep;forage for livestock to last 1 year (cows must be able to produce milkfor human consumption)

Clothing to $4000

Furniture, health aids, food to last 1 year

Motor vehicle to $3000

Claim for personal bodily injury, death or workers' compensation claim,for a net amount not in excess of $50,000.00,but not including any claim for exemplary or punitive damages

31-1(A) (7), (14)

31-1(A) (12)

31-1(A) (4), 8-7

31-1 (A) (10), (11), (15), (16)

31-1(A) (8)

31-1(A) (3), (9), (17)

31-1(A) (13)

31-1(A) (21); In re Luckinbill, 163 B.R. 856 (W.D. Okla. 1994)

Public Benefits

Crime victims� compensation

Social security

Unemployment compensation

Worker�s compensation (see personal property)

21-142.13

56-173

40-2-203

85-48

Tools of Trade

Husbandry implements to farm homestead, tools, books & apparatusto $5000 total

31-1(A) (5), (6), 31-1( C)

Wages

75% of wages earned in 90 days before filing bankruptcy; bankruptcyjudge may allow more if you show hardship

12-1171.1,

31-1(A) (18)

Wild Card

None

I appreciate the chance to help you today.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 7 months ago
No I will be claiming another homestead ... so if I did chapter 13 how would they determine value of my share of house
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

Take the appraised value minus debt and divide it by number of you on deed.

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Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

The trustee likely forces a sale of your interest here for that value and applies it to your debts.

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Customer reply replied 7 months ago
Ok but he would apply to debt but not try to sell house though right
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

Not if one of the others was willing to buy you out.You could sell it now for fair market value to one of them and pay down on your house or other debt.

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Customer reply replied 7 months ago
Ok ray. If I have mortgage and deed of our house in my name can I add husbands name to deed without it looking fraudulent ... mortgage Company says I can add them to the deed and I'm not don't really think it will affect anything with bankruptcy but don't want to look like I'm trying to do something illegal
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

It is not illegal to add husband name to the deed and note.If one of you files bankruptcy you would just reaffirmt he note if you want to keep the house here.

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Customer reply replied 7 months ago
Ok my concern is I want to file individually because I have like 45000 I'm cc debt since becoming unemployed last year and just went back to work part time and my husband makes good money but refuses to pay my cc debts ...even though I file I see where they use his income also ... so any ideas
Customer reply replied 7 months ago
its not his fault because he didn't know I was spending on cc
Customer reply replied 7 months ago
My thought was if I added him to the deed which still has my name on it that I could show he's making the house payment because if I have to put down what I make is far as income and my credit card bills and my five to show the house payment then I'm going to show that I have nowhere near enough money to make my credit card bills my house payments or anything and I'd have to do a chapter 13 because I have some partial ownership or my dad put his house and all five of our kids name so I think that alone is going not let me do chapter 7
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

You should at least try to file Chapter 7 here.Get rid of the interest in the house of dads maybe sell to one of the other kids. These credit cards are marital debts so whether husband likes it or not he is responsible in divorce at least.You could file for divorce here then Chapter 7, not sure if that is an option.

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Customer reply replied 7 months ago
How would I determine what's fair market price for my fifth of house .... and wouldn't it still look bad. Will they look at what I did with proceeds. Could I pay it on my exempt home ? Also does it matter how much equity you have in current exempt home ?
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

You look at tax appraised value minus the note balance, take that figure and divide by 5 here for each share.Take the money and put it into your homestead here it will be fine that way.

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Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

Homestead

Real property or manufactured home to unlimited value; property cannot � acre, may claim $5000 on 1 acre in city, town or village, or160 acres elsewhere (need not occupy homestead to claim it exempt as long as you don�t acquire another)

If homestead won't work pay down on your or anything you intend to reaffirm

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Customer reply replied 7 months ago
When you say tax approved value are you talking about what the value given for assessment of property taxes
Customer reply replied 7 months ago
Because he value there is like 35000 and probably 100,000 home .... are you sure if I sold my share for decent price I wouldn't get in trouble or bankruptcy dismissed
Bankruptcy Lawyer: Ray, Lawyer replied 7 months ago

You need a fair market value here--zillow or something to look at what they say its worth.

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