Home & Bankrupcty

[david scurlock]

I do have a mobile home, paid $15k, owe $13k, I have 1.8 acres of land which is already paid off, and I am current on the home, and i need to keep it, and the land so i will have a place to live. is it possible to keep my home and land, or will i need to worry about the creditors trying to take what little i have left? If i was in the creditors shoes, I would surely sue, place a lien or do whatever i could get to my money...

am i correct to say chaper 7 is out of the question? if you file
Chap 7, dont you have to turn over your home and property?

if thats the case, can I file chap 13 to protect the house and property,
I have no job, my wife still gives me enough to make the house payments, insurance, and thats about it., from my unstanding, chap 13 is where you repay your debt? I have no income, so how can i repay? but i need to keep my house...

Thanks for your advice

[robivi3]

Every state is different. We need to know what state you reside in first.

[HHM]

As for a chapter 13 plan, the court might accept your wife's income as "regular income" sufficient to pay a plan (and she doesn't have to be listed as a debtor). As for your home, every state has some kind of "primary residence" exemption (and there is the federal exemption, Section 522(d) of the BK Code). And so long as you are current on your house payments, you should be able to keep your home. Your land is a different issue and will depend on the state exemptions and the value of the land (relative to your debt). It sounds like you are a little behind the 8 ball, but if you had some time, you could transfer your land into a trust, but you would probably have to wait almost a year after doing so before filing BK to avoid a fraudulent transfer claim.

[david scurlock]

repayment.

As for a chapter 13 plan, the court might accept your wife's income as "regular income" sufficient to pay a plan (and she doesn't have to be listed as a debtor). As for your home, every state has some kind of "primary residence" exemption (and there is the federal exemption, Section 522(d) of the BK Code). And so long as you are current on your house payments, you should be able to keep your home. Your land is a different issue and will depend on the state exemptions and the value of the land (relative to your debt). It sounds like you are a little behind the 8 ball, but if you had some time, you could transfer your land into a trust, but you would probably have to wait almost a year after doing so before filing BK to avoid a fraudulent transfer claim.

u might say a little behind the 8 ball, when you cant
keep up any longer, then it wont be long before im
far behind.

I live in AL, and I only pay $20.00 a year on the property taxes if you
belive that, does that tell you anything? the land is paid for, if
they take the land, I might as well file chap 7 since i will have no
place to put the trailer even if I am allowed to keep it. sounds
like a catch 22... I need the land to live on, in the trailer

maybe you can explain this trust a little more?

lets say i file chap 13, I keep reading that the court consolidates
all the loans, billx, cars, etc...do they consolidate at full loan
value, expecting you to pay back every single penny? I have
a 27k truck they can have, just cant afford it, I have a car, but
I would only keep it if they reduced the loan value so i could afford
to keep it.

so if i file and have 60-70k in debt, will they consoildate the 50k
in debt and expect me to pay it all back, or reduce or dischange
some of the debt? I can not see paying back 60-70k in 3-5 years
if that is the case....

im also sorta in limbo, its not fair to my wife to make my repayments
for my credit problems, but it surely wont be fair for her if i file
chapter 7 and loose everything.

[HHM]

I didn't realize you were living on the land. The Mobile (I believe, but don't quote me), can be considered personal property and you can try to use the various personal property exemptions.

Honestly, based on your various posts spread throughout this forum, you really need to speak to an attorney, and probably hire one, you have way too many issues and questions that really can't be dealt with on this forum, as well as many misconceptions (no offense) about bankruptcy, that can't really addressed in an economical way on this forum.

What do they charge for BK in AL?

[david scurlock]

i have an appointment with the attorney tomo, he seems to think that
i would be able to keep, the mobile and land under exemptions. his
cost is $200 to file and $800 for the attorney in AL.