I am planning to file 7 but have some equity in the house that is only in my name.Can I just add my wife's name to the title and then file chapter 7 and get the $50,000 for each and just walk out and be over with? My only assets is the house and and a car that is worth about $9000. Planning to sell the car get the cash to live on for a while and pay lawyer fees , grab the $100,000 and walk away from the house. How about that ? is it possible? I live in NY State by the way .
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Can I put my wife on Title to claim the credit
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No. Your past six months of financial activity will be looked at for any type of transfers that could be deemed 'abuse' of the BK system. If any type of fraud is suspected, that look-back period could be a year or more.
Do NOT even think about trying to pull a scam on the BK system. All the trustees, lawyers and interested parties, such as the members of THIS forum, have seen it all."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."
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Originally posted by tjs1970 View Postwhat the hell are you talking about?
keep 100k from what? do you not understand what bk is?
Plainly speaking OP, NO, YOU CAN'T DO THAT!!!!!!!!!!!If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.
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Originally posted by whipster1 View PostFunny how these people crawl out of the woodwork every few days. They just built a shiny new federal detention center near here looking for new "guests"...
This guy has 50+ posts. Can he be this 'unlearned'? An exemption is not a reward.If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.
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I think you all are being way too hard on the OP. This is America after all.
To the OP, of course you can. I'd recommend filing without a lawyer, they would only slow you down anyway. First, make sure you total up all your exemptions so you get all you're entitled to. Then, fill out your paperwork, sit back, and wait. You'll be on easy street in no time, especially with that 100k.1/15/10 Filed ch7 2/18/10 314 meeting
2/22/10 Report of No Distribution
4/20/10 Discharged 5/20/10 Closed!
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easy ,easy, easy , you all take a deep breath and listen, by no way or means I am plotting a fraud here. Maybe I did not make myself clear. A while back I was dealing with bad bad lawyer who gave me nothing but ill advise and left me hanging on my own after he charged me his fees to file but he stalled on me and did nothing.
Now since I am on my own , house is in my name only. I am simply asking if I add my wife's name to the title so that I can boost my exemption before I file chapter 7. equity worth about $100000 , non secured debt is about $100000.
We all come here to ask questions and learn without fear of reprisal. Sorry , if I came across like someone trying to cheat the system , but is not my intention , all I am asking is an honest question.
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No, you can not make transfers in title on the eve of bankruptcy. Adding your wife is considered a transfer (because you are changing the title from x to x+y). For real estate transfers the trustee can go back 10 yrs if they choose. Not just 6 mths or a year.
Are you quite sure you have $100k equity in your house? Is it possible you have less equity? The best way is to have a recent valuation of your home (quick sale value).Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..
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yes , it is actually $130000 equity. And thank you Starting Over for your clarification .This exactly the answer I am looking for . So I know now adding my wife to title is out of the question.So I'll settle for 50000 then and walk out.
And by the way ,how about selling the car that is worth $9000?, can I sell it before I file chapter7?
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Why don't you sell your home instead of filing BK? You have more than enough equity to pay off the debt and still have funds to buy another home or rent while you get back on your feet. You will not be under the watchfull eye of the Trustee - you can work with the creditors especially since some of them are settling for pennies on the dollar.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..
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startingover08, it sounds like what you described would be similar to the "strategic defaults" that many higher income people are doing. Except he wouldn't walk away from the house as they do. To make it work, he'd need to buy the new home quickly, using the equity he has, before his credit tanked by not paying the creditors. Then, let stop making payments to cc's and settle much later on.
But, if he has more than enough equity to pay his debts, why even settle with the cc's? Why not just sell the home while credit is still good, pay debits, and buy a new home? It sounds like he could change his situation without even damaging his credit, and satisfy his debts at the same time. With that amount of equity, wouldn't he end up in a 100% ch 13 anyway and have to payback the equivalent of the equity?1/15/10 Filed ch7 2/18/10 314 meeting
2/22/10 Report of No Distribution
4/20/10 Discharged 5/20/10 Closed!
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