The more I read and the more I talk to attorneys, the more confused I get.
I think it's because my need to file bankruptcy hasn't yet happened (its those due on sale of home loans) and the reason I want to declare bankruptcy is to salvage something from the house I spent 5 years of my life building.
I am current on all bills, no cc debt, no medical debt, living within my income which is spousal support. But alimony ends in July. In my divorce I was awarded a goodly amount of retirement benefits but X is Plan Administrator of the plan and has refused for over 7 years to give me my court ordered share.
I was also supposed to get a goodly sum from my share of the sale of my home, but X has contrived to have it sell for less than half its worth to a friend of his (I used to be a Realtor and know its value, even in todays market) There's been a lot of crooked dealing going on.Divorce judge loves the X and I can't win in his court.
If the house sells at this low price, I won't be able to pay off all my 'due on sale' debts. I believe that the bk trustee takes the net sale, divides up my share, gives X his share and he pays his loans and liens off and I pay mine. But I have too many judgment liens ($150,000 for divorce attorney fees and two from my X liening my share of the house) and then I have unsecured debt of about $$300k.
My share of the house an d$10 k of Disney stock are my only non exempt assets.
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What I want to get out of BK is to have the trustee take over selling the house instead of letting it go for an absurdly low price. Do you think that might happen? (Local bk attorneys all say yes, but I'm afraid they think that hte house is in foreclosure where the stay of sale is automatic, instead of under divorce court ordered sale, even tho all loans are being paid on time.)
Any chance that if the current price results in there not being enough money to pay of the HELOC (its a first mortgage), taxes, Receiver fees, and judgment liens that the Trustee wil try to sel l it for more?
If my share of debts are more than my share of the house less homestead exemption, does the Trustee abandon it OR just pay off the loan and most of the judgment liens?
Finally, X insists he will get half of my homestead, even tho he doesn't qualify...and I'm sure he'll file objections and litigate everything . Sigh.
These are probably all simple answers, but I swear that the more I research the more confused I get. I have a few appointments with attorneys (I have to drive 2 hours to the city) in a couple days, but the thought that I will only get 1/6th of what the court said I would get from the sale of the house, while X, who has 2 houses of his own gets all of my share along with his share is making me crazy.
I filled out the basic requirements for filing and took the counseling class and have my matrix ready, but want attorney back up, tho I admit I am not too fond of attorneys...my old ones or X's.
Hoping someone here will have some answers...and yes, of course, I'll be asking all the attonreys these same questions.
I think it's because my need to file bankruptcy hasn't yet happened (its those due on sale of home loans) and the reason I want to declare bankruptcy is to salvage something from the house I spent 5 years of my life building.
I am current on all bills, no cc debt, no medical debt, living within my income which is spousal support. But alimony ends in July. In my divorce I was awarded a goodly amount of retirement benefits but X is Plan Administrator of the plan and has refused for over 7 years to give me my court ordered share.
I was also supposed to get a goodly sum from my share of the sale of my home, but X has contrived to have it sell for less than half its worth to a friend of his (I used to be a Realtor and know its value, even in todays market) There's been a lot of crooked dealing going on.Divorce judge loves the X and I can't win in his court.
If the house sells at this low price, I won't be able to pay off all my 'due on sale' debts. I believe that the bk trustee takes the net sale, divides up my share, gives X his share and he pays his loans and liens off and I pay mine. But I have too many judgment liens ($150,000 for divorce attorney fees and two from my X liening my share of the house) and then I have unsecured debt of about $$300k.
My share of the house an d$10 k of Disney stock are my only non exempt assets.
-----------------------------------------------
What I want to get out of BK is to have the trustee take over selling the house instead of letting it go for an absurdly low price. Do you think that might happen? (Local bk attorneys all say yes, but I'm afraid they think that hte house is in foreclosure where the stay of sale is automatic, instead of under divorce court ordered sale, even tho all loans are being paid on time.)
Any chance that if the current price results in there not being enough money to pay of the HELOC (its a first mortgage), taxes, Receiver fees, and judgment liens that the Trustee wil try to sel l it for more?
If my share of debts are more than my share of the house less homestead exemption, does the Trustee abandon it OR just pay off the loan and most of the judgment liens?
Finally, X insists he will get half of my homestead, even tho he doesn't qualify...and I'm sure he'll file objections and litigate everything . Sigh.
These are probably all simple answers, but I swear that the more I research the more confused I get. I have a few appointments with attorneys (I have to drive 2 hours to the city) in a couple days, but the thought that I will only get 1/6th of what the court said I would get from the sale of the house, while X, who has 2 houses of his own gets all of my share along with his share is making me crazy.
I filled out the basic requirements for filing and took the counseling class and have my matrix ready, but want attorney back up, tho I admit I am not too fond of attorneys...my old ones or X's.
Hoping someone here will have some answers...and yes, of course, I'll be asking all the attonreys these same questions.