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Chatper 7 but DMI is high....

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    #16
    my wife and I own it but the one bill for the heloc my mom took out is one her house but we pay it.

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      #17
      Why don't I see the mortgage payment in your schedule J?

      You said you spent 6800 towards home repairs, so you can you more in home maintenance column.

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        #18
        my mortgage payments are 1050 for the 1st and second combined.

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          #19
          A HELOC taken out by your mother, but paid by you, is going to raise questions.

          I don't have answers for this, but you should be ready to provide them.
          11-20-09-- Filed Chapter 7
          12-23-09-- 341 Meeting-Early Christmas Gift?
          3-9-10--Discharged

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            #20
            Originally posted by DeadManCrawling View Post
            A HELOC taken out by your mother, but paid by you, is going to raise questions.
            It's easy for the Trustee to dissect this. It's a loan for which the Debtor is not responsible, taken out on a property that is not the Debort's either. It does not count as a "legal" responsibility, and is therefore not an allowable expense, as I listed earlier.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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              #21
              JB,

              I saw your earlier post after I posted this response. Glad to see someone else caught this. To the OP: You could end up with fairly serious problems over this issue, if it is not sorted out.

              You cannot claim this as an expense, which could result in dismissal or conversion. Best to be thinking about, and researching, how you will handle it.
              11-20-09-- Filed Chapter 7
              12-23-09-- 341 Meeting-Early Christmas Gift?
              3-9-10--Discharged

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                #22
                What most likely needs to happen with that is that I need to have her listed as a creditor and see what happens. That loan was taken for out down payment to buy our house. I will get that figured out. so many variables to this such as my wifes income could just go poof soon and the stipend from the state (funded by soc sec)payable to me for the kids. Very soon my kids will start needing extensive medical treatment and not sure what that will run. What a mess huh??!! Not to mention I might inherit something in the next year and that is all documented in my schedules...what a disaster.....I imagine that is why the time frame for objections is pushed out until 5-10

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                  #23
                  Just got a lovely letter from the State saying the the TITLE IV-E is being cut by 10%. OF course that wont help the DMI right now but it would in the future if we get pushed into a Chapter 13 and need to convert to a 7 later.

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