what happens in a Chapter 7 when you have another person on the deed on your home and

[hilll6]

I have a $94000 home with a $92000 mortgage. I had to have my girlfriend as co-buyer in order to qualify for the mortgage, because of unsecured debt and $1800 alimony. I make all the payments. She has her own home. I have a truck worth $3500 trade-in in my name. I have another vehicle that my 20 yr old daughter drives, but it is in my name, $2500 trade-in. I also have a third vehicle titled as "me or my 23 yr old daughter". It is worth $5000 trade-in. There is also a boat worth $4000 titled in "mine or my girlfriends name". I am current on my mortgage and all debt paymnet. I was forced into retirement in march 2010 and draw pension 1/3 my old salary after QDRO. Judge ordered me to continue to pay $1800 alimony.I have another hearing in July. Doubt if judge will change it. I can't file until Oct 2010 because of last 6 months income. I also draw unemployment because my job was eliminated. I will probably have to stop unsecured debt payments in August. I have never missed or been late with payment. Shows on my credit report. Approximately $52000 in credit card debt. $35000 owed to ex divorce attorneys. Have to show approx $4600/mo income in October. I live in Louisville, Ky.

Thanks

[newbie2]

what happens in a Chapter 7 when you have another person on the deed on your home

It depends on what you do with the home. If you are keeping it and will continue to make payments, nothing will happen. If you are surrendering the home then your girlfriend will be the responsible party and the lender will look to her to make the payments.

Good luck to you.

[hilll6]

what happens in a Chapter 7 when you have another person on the deed on your home

I am keeping it and will continue to make payments. What will happen on the vehicles and boat? Would like to keep them. As you can see I am just beginning my research on my options. And a new member to the forum.

Any help greatly appreciated ! Thanks again.

[newbie2]

I am keeping it and will continue to make payments. What will happen on the vehicles and boat? Would like to keep them. As you can see I am just beginning my research on my options. And a new member to the forum.

Any help greatly appreciated ! Thanks again.

Welcome to the forum :-) What you'll want to do is search for the allowable exemptions in your state. This will tell you what property you'll be able to exempt (keep out of the trustees hands) and what you may not be able to do. Keep in mind that even if you can't exempt some of it, you may be able to work out something with the trustee to buy back what you can't.

Good luck to you.

[Whittier]

hilll6: All your debt; including attorney's fees will be discharge. If only one borrower on the loan files BK, the loan is discharge from both, I live in CA so the only diff between your case and mine is the exemption amount allowed, the rest is standard since this are 'federal cases'.

Your alimony payment will most likely need to be recalculated with your new actual income, BK or not. Once your standard income changes permanently such as being forced into retirement, the judge will be compelled to modify as the feasibility of making the payments of $1,800 is no longer there.

[hilll6]

The 3 vehicles and the boat have no lien . They are paid for. My concern is that some of them or titled as " me 0r my girlfriend". How does the trustee look at that situation. Plan on continuing to make mortgage payment. Yhe alimony is unlikely to change because we were married 30 yrs , she is 53 yr old , and has never worked. we had 4 daughters. Judge has already ruled temporarily to continue paying the $1800 even though she receives $1250 in pension income. (started mar 1)

Thanks for help