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    #46
    Originally posted by lrprn View Post
    You need to get a fair market price for the asset, and you can't sell it to a family member or other insider (a business partner, for example).
    So I can't sell it to a family member even if it is at a fair market price?
    New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

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      #47
      Originally posted by LSUTiger32 View Post
      So I can't sell it to a family member even if it is at a fair market price?
      Yes you can but be prepared to prove it was an arm's length transaction at full market value.
      Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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        #48
        Originally posted by OhioFiler View Post
        Yes you can but be prepared to prove it was an arm's length transaction at full market value.
        The reason I asked is that a family member is in on half of it with me and may want to keep it. The loan and the title though is all in my name only.
        New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

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          #49
          Basically my lawyer has told me that I can do whatever I want as long as I can document what I spent the money on. Is that true?
          New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

          Comment


            #50
            An earlier post said you have $300,000 in consumer debt. I don't see that here. Your investment properties are non-consumer debt, and if your credit cards have a business name attached to it, then that is also for sure non-consumer. I do not see from this, why should not qualify for a 7. Again, investments are business related, and are not consumer debts.
            Filed Aug 28 2009
            341 Oct 2 2009-Asset Case
            Discharged Dec 16 2009
            Waiting for tax return and asset buy back to close

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              #51
              Yeah she said I am CH7 no doubt, but she also said that if I could dump the one property that has a little bit of equity in it before I file that as long as I spend the money on living expenses I am fine.

              I was worried that the money would be counted as income. Surely if I sell an asset, even though I might only get $10,000......they are going to take it from me.
              New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

              Comment


                #52
                An earlier post said you have $300,000 in consumer debt. I don't see that here. Your investment properties are non-consumer debt, and if your credit cards have a business name attached to it, then that is also for sure non-consumer. I do not see from this, why should not qualify for a 7. Again, investments are business related, and are not consumer debts.
                Filed Aug 28 2009
                341 Oct 2 2009-Asset Case
                Discharged Dec 16 2009
                Waiting for tax return and asset buy back to close

                Comment


                  #53
                  you ahve a rental with $10,000 in equity? Are yo sure you want to give that up? You won't have to if you buy it back from the trustee, for less than the $10,000. It would make me a little nervous to sell a property right before filing, it seems like alot to do, with the actual sale, etc, plus it would seem a little fishy to me.
                  Filed Aug 28 2009
                  341 Oct 2 2009-Asset Case
                  Discharged Dec 16 2009
                  Waiting for tax return and asset buy back to close

                  Comment


                    #54
                    Originally posted by kw1025 View Post
                    you ahve a rental with $10,000 in equity? Are yo sure you want to give that up? You won't have to if you buy it back from the trustee, for less than the $10,000. It would make me a little nervous to sell a property right before filing, it seems like alot to do, with the actual sale, etc, plus it would seem a little fishy to me.
                    I'd love to keep it but I can't afford to. I can put together the $1,300 to file, and that's about it. Let me clear this up by saying that I would not actually keep it, I mean keep it through the BK so that I could sell it later. It would give me some time to do some easy repairs to it that would probably bring more at a sale.
                    Last edited by LSUTiger32; 07-24-2009, 02:09 PM.
                    New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                    Comment


                      #55
                      We are thinking about getting started tomorrow and just seeing what happens with the one property we would like to keep other than our primary residence. I have some cards that are within 2 weeks of being 30 days late. If I file now, will this stop them from going 30 days past? I know it doesn't matter but I am just wondering.
                      New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                      Comment


                        #56
                        Yes, I think filing now would stop them from reporting to the credit bureaus.

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                          #57
                          I called today to get the ball rolling, problem is they haven't called back. Judging by the way the poor girl answers the phone.....

                          LAW OFFICE PLEASE HOLD

                          .....I am kind of scared that they are understaffed or just that busy right now. I hope I am making the right decision on a lawyer. I feel comfortable because I have seen them help a family member of mine. I am just wondering if they are too busy right now.
                          New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                          Comment


                            #58
                            Originally posted by LSUTiger32 View Post
                            I called today to get the ball rolling, problem is they haven't called back. Judging by the way the poor girl answers the phone.....

                            LAW OFFICE PLEASE HOLD

                            .....I am kind of scared that they are understaffed or just that busy right now. I hope I am making the right decision on a lawyer. I feel comfortable because I have seen them help a family member of mine. I am just wondering if they are too busy right now.
                            Did the Attorney give you a packet to complete at your Consultation? Our Attorney gave us one when we retained him last Sept. I called last week to make an Appt. with him and yep, phones were ringing.

                            His paralegal told me I didn't need an appt. Just drop off the information, as soon as I have all the figures for August and the paralegal will input it into their System, Attorney will review it and then will call me to set up an appointment time. He knows we want to file on 9/30/09.

                            Comment


                              #59
                              Originally posted by LuciluS View Post
                              Did the Attorney give you a packet to complete at your Consultation? Our Attorney gave us one when we retained him last Sept. I called last week to make an Appt. with him and yep, phones were ringing.

                              His paralegal told me I didn't need an appt. Just drop off the information, as soon as I have all the figures for August and the paralegal will input it into their System, Attorney will review it and then will call me to set up an appointment time. He knows we want to file on 9/30/09.
                              I am trying to get in touch with her to get the packet. They don't give it to you until you put a $100 retainer down, which I should have done when I went.
                              New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                              Comment


                                #60
                                Originally posted by LSUTiger32 View Post
                                I am trying to get in touch with her to get the packet. They don't give it to you until you put a $100 retainer down, which I should have done when I went.

                                If I were in your shoes, I would call back and ask the person who answers the phone if you bring a check for the retainer fee, could she possibly be able to give you the information packet.

                                Luci

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