Originally posted by eddiep
View Post
top Ad Widget
Collapse
Announcement
Collapse
No announcement yet.
Please help me with my story
Collapse
X
-
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!
-
Some of the things the attorneys are requiring are mind boggling!!! Maybe there is a difference in States? My attorney did not ask for any credit card statements . I was required to send 2008 tax returns, bank statements as of the date of filing, copies of auto insurance, current mortgage statements, most recent real estate tax bill, and after the 341 the Trustee asked for statements of my IRA accounts back to one year prior to filing and through one month after filing. I also provided a statement as to my social security payments as that is now my only income. That was it. Date by which any objections by anyone must be filed is in September.
Comment
-
Originally posted by want2save View PostSome of the things the attorneys are requiring are mind boggling!!! Maybe there is a difference in States? My attorney did not ask for any credit card statements . I was required to send 2008 tax returns, bank statements as of the date of filing, copies of auto insurance, current mortgage statements, most recent real estate tax bill, and after the 341 the Trustee asked for statements of my IRA accounts back to one year prior to filing and through one month after filing. I also provided a statement as to my social security payments as that is now my only income. That was it. Date by which any objections by anyone must be filed is in September.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
-
Need some serious help guys. I had 4 properties and I am surrendering three of them other than my personal residence. The one I kept I only kept because I owe a family member some money on it. I had some people wanting to live in it for a while but now their parents are going to co-sign to buy it! This is good news but now I think I may be in deep doo-doo. It's only in my name so according to the trustee it's all my money. It still needs some serious work to get it read to pass an inspection but they said they want to move forward now. I have no idea what to do. My attorney had said a while back I can do anything as long as I spend the money on living expenses. Well only Donald Trump has $25,000 worth of living expenses a week. Does anyone know how long I would have to spend it? This will obviously kill my 341, huh? HELP!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
-
Originally posted by LSUTiger32 View PostNeed some serious help guys. I had 4 properties and I am surrendering three of them other than my personal residence. The one I kept I only kept because I owe a family member some money on it. I had some people wanting to live in it for a while but now their parents are going to co-sign to buy it! This is good news but now I think I may be in deep doo-doo. It's only in my name so according to the trustee it's all my money. It still needs some serious work to get it read to pass an inspection but they said they want to move forward now. I have no idea what to do. My attorney had said a while back I can do anything as long as I spend the money on living expenses. Well only Donald Trump has $25,000 worth of living expenses a week. Does anyone know how long I would have to spend it? This will obviously kill my 341, huh? HELP!Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.
Comment
-
Originally posted by MSbklawyer View PostWas the debt on the property you kept evidenced by a note and a properly recorded mortgage or deed of trust? If not, wouldn't the trustee be right -- that there was no lien on the property when you filed for bk? And that therefore, the sale proceeds would belong to the estate?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
-
Originally posted by fooked View Posttwo things come to mind initially... can you hold them off on the purchase?
and if not, put money into an IRA?
Long story short, LSU, with respect to real property, you can't just SAY that the ownership of it or the debt on it is not all yours and make it so. The legal papers filed on the property: the deeds, the deeds of trust, the notes, the mortgages &c are the ONLY thing that matter. If your family member loaned you the money with recording the proper papers to secure the debt, then the second you filed for bk, that family member became a general unsecured creditor.Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.
Comment
-
Originally posted by fooked View Postoh, that's right... so essentially, the sale of the property wouldn't have any impact, right? or am I off base here?
I don't know if I'm understanding the facts right either.Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.
Comment
-
Originally posted by MSbklawyer View PostThe surplus (if any) from the sale of the property -- unless he can find some way to exempt it -- becomes property of the estate and is distributed to general unsecureds.
I don't know if I'm understanding the facts right either.
1. How long would I have to wait to sell it to have it not make a difference anymore? Discharge? Closing?
2. If I can spend the proceeds on living expenses, how long do I have to spend it? Louisiana exemptions suck so I am not sure what I would do as far as protecting it.
3. The other option would be selling it to my brother because he is the only one with the cash to get it to the point it will pass inspection and then let him sell it to it purchasers. I am not trying to hide anything here, the house is not worth what we are getting for it right now because right now it will pass inspection due to plumbing issues. (The plumbing is fine it works it just was not done correctly I found out recently. Most of it is minor but there are a few major issues as far as new code is concerned.) How would something like that work with the TT.....I put a value on the house but right now it is basically worthless since it can't pass inspection.Last edited by LSUTiger32; 08-21-2009, 08:24 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
-
Originally posted by LSUTiger32 View PostI guess I am wondering a few things:
1. How long would I have to wait to sell it to have it not make a difference anymore? Discharge? Closing?
2. If I can spend the proceeds on living expenses, how long do I have to spend it? Louisiana exemptions suck so I am not sure what I would do as far as protecting it.
3. The other option would be selling it to my brother because he is the only one with the cash to get it to the point it will pass inspection and then let him sell it to it purchasers. I am not trying to hide anything here, the house is not worth what we are getting for it right now because right now it will pass inspection due to plumbing issues. (The plumbing is fine it works it just was not done correctly I found out recently. Most of it is minor but there are a few major issues as far as new code is concerned.) How would something like that work with the TT.....I put a value on the house but right now it is basically worthless since it can't pass inspection.
Any transfer of property to family members in the two years preceding bankruptcy can trigger close examination and the involvement of the us trustee. I had to fill out a form listing any property I transfered to family members in the last two years, including anything I sold to family members. Also, transfers of property is one of the questions that the trustee asks at the 341.
If you do sell the house to your brother, you will have to have a lot of documentation as to the market value of the house, whether your brother paid market value, etc. You can definitely NOT sell the house to your brother at under its appraised value. That will be a HUGE red flag for the trustee. This is what my lawyer told me, when I wanted to sell some video equipment and musical instruments to my brother. She used the house example and said to be safe, we would need to apply the same standards to the studio equipment I was selling my brother. I decided to just sell it on craig's list instead.You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
Comment
-
Maybe I've lost my one os 2 marbles left & that possibly could be that way today, as I couldn't sleep & ended up taking extra meds & now I'm a tad bit woozy.
BUT you stated it needed a lot of repair work to pass Inspection. Unless these people who want to buy this house are paying cash, seems as though You (LSU) are going to pay for the repair work to pass inspection. Am I on the right track?
If so, get the repairs done After your 341 meeting & not accept an offer on the home until that time. If all the plumbing needs repair..those repairs will take awhile. Call and get an estimated date of finished work if they start repairing this home after 341 hearing.
I'm sure obtaining a mortgage is not as easy as it used to be, due to the economy. I can recall when we decided to move closer to Central AR, I called our mortgage co. we've always used & was shocked. I was approved for a $250,000 home without ANY paperwork...no W2's, tax returns, nothing....because of my great credit score. Well we made a contigent offer based on sellin our home & they accepted it. 10 days later, couple receives a full cash price offer. Sorry, we had 72 hrs. to decide to remove the contigency or void the contract. O btw was told we had to close in 15 days. Hehe, both real estate agents didn't think it was possible. Hmmm, we closed in 10 days LOL!
Sooo, back to your 341, if the couple who wants to purchase the home will hold off making an offer until after your 341 & based on home passing inspection. Gee Whilikers, I don't see where there is a problem as you stated you were not making a profit on the home after repairs & closing costs right?
Just my opinion on the situation. If i'm wrong, please feel free to correct me.
Luci
Comment
-
Originally posted by backtoschool View PostSelling the house to your brother while you are in bankruptcy will definitely be a HUGE red flag to the trustee.
Any transfer of property to family members in the two years preceding bankruptcy can trigger close examination and the involvement of the us trustee. I had to fill out a form listing any property I transfered to family members in the last two years, including anything I sold to family members. Also, transfers of property is one of the questions that the trustee asks at the 341.
If you do sell the house to your brother, you will have to have a lot of documentation as to the market value of the house, whether your brother paid market value, etc. You can definitely NOT sell the house to your brother at under its appraised value. That will be a HUGE red flag for the trustee. This is what my lawyer told me, when I wanted to sell some video equipment and musical instruments to my brother. She used the house example and said to be safe, we would need to apply the same standards to the studio equipment I was selling my brother. I decided to just sell it on craig's list instead.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
bottom Ad Widget
Collapse
Comment