My mother n' law put my wife's name un a small piece of undeveloped property worth less then $10,000 is this property three years ago is this going to have to be sold or can it be exempt or reaffirmed?
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Do you owe any money on the property?All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event....... -
No!Comment
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Are your wife and MIL joint owners? Or is your wife an owner by right of Survivor-ship?"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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I believe by survivor ship!Comment
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A $10K property a few years ago is probably worth $5k today, if you can find a buyer with money or financing. Unless you've got a really good piece of property that is in demand, it's not worth much. You may have some wildcard exemption that can be used towards it, or if you really like it, you can always buy it back from the trustee if you can't exempt it.
Good luck.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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You need to make sure of that. If this is the case, then your wife really does not own the property and it won't figure into a bankruptcy, unless your MIL passes (God forbid!) within 180 days of your 341 meeting.Originally posted by kleinkp View Post
Now if your wife and MIL are joint owners, they each have an undivided half-interest in the property. As Frogger indicated, it probably won't be worth the trustee's time and money to go after it."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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