We meet with our second atty Saturday. I have been reading many posts here so I had a basic understanding of the process. (Thank you for that!)
We have a small amount of equity in our home. Have 1st and 2nd Mortgage (current on both)
We are 30k upside down on a boat
Have about around 50k in cc debt.
Looking at a Chapter 13 case
Here is the tricky part--
Four years ago I inherited 2 properties from my parents, their city home and a vacation home in another state.
My mother was 1/3 owner on the vacation house and it is worth 169K (no mortgage) My share around 11k.
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The city home was on the market for 2 years. Asking price 229k
In Jan. of this year, a pipe burst destroying the interior of the home. The home was insured. A company came in and demo'd the house to the studs. The house is having a hard time passing inspections. House was built in the 40's. So until it passes, everything is at a standstill. My sister has been paying all upkeep costs with the understanding when the house sold, she would take that amount before proceeds were dispersed. No mortgage on this house either. So, here's my questions...
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For a ch 13 is the value of property the value on the day of filing?
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Would I need to get permission if to sell even though it has been on the market already?
*
Do I have to include the money I own the estate in the filing?
*
So If I understand correctly, the value of these two properties would be the min we would need to pay in Ch 13?
Thank you for the knowledge
We have a small amount of equity in our home. Have 1st and 2nd Mortgage (current on both)
We are 30k upside down on a boat
Have about around 50k in cc debt.
Looking at a Chapter 13 case
Here is the tricky part--
Four years ago I inherited 2 properties from my parents, their city home and a vacation home in another state.
My mother was 1/3 owner on the vacation house and it is worth 169K (no mortgage) My share around 11k.
*
The city home was on the market for 2 years. Asking price 229k
In Jan. of this year, a pipe burst destroying the interior of the home. The home was insured. A company came in and demo'd the house to the studs. The house is having a hard time passing inspections. House was built in the 40's. So until it passes, everything is at a standstill. My sister has been paying all upkeep costs with the understanding when the house sold, she would take that amount before proceeds were dispersed. No mortgage on this house either. So, here's my questions...
*
For a ch 13 is the value of property the value on the day of filing?
*
Would I need to get permission if to sell even though it has been on the market already?
*
Do I have to include the money I own the estate in the filing?
*
So If I understand correctly, the value of these two properties would be the min we would need to pay in Ch 13?
Thank you for the knowledge