Partial Claim and Chapter 7

[myhearts07]

Hey all , Hearts here with part 2. Lender still pushing the partial claim issue. Told her I didn't know, daughter was planning on moving out and didn't want to sign on the partial claim. She says have her execute a quit claim deed. My question is since she can do a quit claim on this claim which would be a loan, can she do it on the 1st?

Hubby and I are going to see BK attorney tomorrow about filing a chapter 7. He is the only one filing and I am thinking and just thinkin that if we accept the partial claim offer and the mtg. account is considered now current, then we could reaffirm the house and hopefully be able to discharge his debt. My concern is my income. Don't the courts look at my income as the spouse even though I am not filing? Will this keep him from being able to file?

Thanks
Hearts

[StartingOver08]

Do not do any transfers without consulting your attorney.

A quit claim deed is a transfer (your daughter is letting go her interest in the house with a quit claim deed).

Don't let them rattle you - they can wait until you see your attorney tomorrow for the right answer for the partial claim.

[myhearts07]

Okay. I am wondering if we should be closing our bank accounts with Chase/Wamu because we have cc's with them and they have been hounding us like cowboys after Indians. Any suggestion on that? I heard they can freeze your accounts, is that true?

Hearts

[StartingOver08]

They don't freeze your account. What they can do is take the funds from your accounts and apply it to any outstanding debt you have - that is called the right of set off. You agreed to it when you opened the bank account and the LOC or cr card with the same vendor.

I would move your money to a neutral bank or CU to which you do not owe money.

[jribe]

Okay. I am wondering if we should be closing our bank accounts with Chase/Wamu because we have cc's with them and they have been hounding us like cowboys after Indians. Any suggestion on that? I heard they can freeze your accounts, is that true?

Hearts

take your money out of those accounts ASAP. I work for a major bank (not wamu) but they do have the right to "offset" any past due credit obligations you have with them from your accounts.

You don't have to close them right away- but i would strongly recommend going to another bank and getting an account set up. Then take as much as possible from the WAMU checking/savings and put it in the new account.

Obviously, leave enough in the Wamu account to cover checks or things you've written..