Hubby belongs to a cabin that

[ladyjenn]

if he sells his share would get $5K,
We are filing CH7 ASAP. Will they make him sell his share? If so, he says BK is a no-go!
A lil background...we are $41K in debt....and just started defaulting on CC's intentionally this week..(prior, we were current on everything)..other than that, we have a $76 K house with that much owed on it, so I would assume we are a no asset case....

HELP!

[keepinitreal]

Maybe once he starts getting phone calls 7 days a week he'll decide forfeiting $5k in assets but getting rid of $41k in debt is a good trade-off, and preferable to doing nothing.

[HHM]

Maybe once he starts getting phone calls 7 days a week he'll decide forfeiting $5k in assets but getting rid of $41k in debt is a good trade-off, and preferable to doing nothing.

Concur, $5K is not much of a trade off.

Strictly speaking, he doesn't have to sell if he can come up with a way to pay the bankruptcy trustee $5,000. Or, if it is that important to him, file a chapter 13 BK, and pay $5,000 over 36 months to reconcile the value.

[ladyjenn]

I understand where you all are coming from, believe me! I am there!
I am just curious since there are 7 other members, it is non profit, we get no money from it, and we have no assets, if this is likely that they make him give it up....for the sake of peace in our house...

[momofthree]

What state are you in? Some states have a wildcard exemption in which he could exempt the property....

[SeattleBK]

[SeattleBK]

Also, I know how he feels.

I didn't want to give up my shares of stock even though the market was total crap at the time. Something about owning stock for me, it's so personal because I take a lot of time researching a company, and I get attached.

It's silly, but I love my stock.

Luckily I didn't have to, and the ironic thing is that by the time my discharge came through the market had some what recovered and my stock had doubled.

[BobMango]

if he sells his share would get $5K,
We are filing CH7 ASAP. Will they make him sell his share? If so, he says BK is a no-go!
A lil background...we are $41K in debt....and just started defaulting on CC's intentionally this week..(prior, we were current on everything)..other than that, we have a $76 K house with that much owed on it, so I would assume we are a no asset case....

HELP!

If you're in PA, Federal exemptions are available and any unused homestead exemption can be applied to any asset, up to a limit of $10,125. Since you don't need the exemption on your residence, use the Federal exemptions and apply it toward the cabin.

I used my Federal exemptions to protect a motorcycle for $10K and additional equity in another vehicle for $10K (you can double Federal exemption amounts if filing jointly).

Based on what you've shared, I'd say you're a great candidate for Ch 7 - no asset, meaning you can probably keep the cabin.

[btbeme]

Where are you, and where is the cabin?

Is he on the title of the cabin? On the mortgage? Who else is on the title?

[ladyjenn]

If you're in PA, Federal exemptions are available and any unused homestead exemption can be applied to any asset, up to a limit of $10,125. Since you don't need the exemption on your residence, use the Federal exemptions and apply it toward the cabin.

I used my Federal exemptions to protect a motorcycle for $10K and additional equity in another vehicle for $10K (you can double Federal exemption amounts if filing jointly).

Based on what you've shared, I'd say you're a great candidate for Ch 7 - no asset, meaning you can probably keep the cabin.

Yes, we are in PA, so he should be ok it sounds like...thanks so much all!

[Flamingo]

Is this a timeshare or is his name on the deed to the property? That may make a difference as to any exemption amount in PA as to property...time to speak with an attorney.

[ladyjenn]

Is this a timeshare or is his name on the deed to the property? That may make a difference as to any exemption amount in PA as to property...time to speak with an attorney.

It is a little run down hunting cabin. Roof if about to fall in, def. not a luxury, but being able to hunt on the grounds is!

I would imagine his name is on the title, I am not sure how that works with 8 people owing one place....The title may be under the name of the hunting club, and the memebers as owners?? Again I am not sure.

[frogger]

Freedom is just another word for nothing left to loose.........

Perhaps hubby is not really ready to consider filing yet.

[ladyjenn]

We are both ready to get this over with! I have so much anxiety about the unknown of what's going to happen, it isn't even funny! I don't sleep at night and I am a nervous wreck every day! I just need to relax and remember that tons of other people have been through this too, and they are still alive to tell about it. It's not the end fo the world, it is the begininng of a new life!

[Flamingo]

It is a little run down hunting cabin. Roof if about to fall in, def. not a luxury, but being able to hunt on the grounds is!

I would imagine his name is on the title, I am not sure how that works with 8 people owing one place....The title may be under the name of the hunting club, and the memebers as owners?? Again I am not sure.

If eight people "own" the place, there is a deed with their 8 names on the deed. Unless he has a secured interest in the property with his name on the title he only owns an "interest" in a rental or timeshare. Now is not the time to "imagine" what is going on; you will have to come up with some hard copies of paperwork. Time for hubby to make some phone calls.