bankruptcy trustees michigan
Chapter 7 Bankruptcy Question?
I think its chapter 7, where debt can pay off all right? My father has to file because he has a huge credit debts to their cards and banks. However, we have our names on joint 3 houses. So they are my house by 50%. Can the trustee and / or bankruptcy judge to force us, the House (s) to lose if my name is on it (since many years ago). I am half owner and not as the bankruptcy of one they can not? What would the houses happen? If he can afford payments through me, we cannot keep the houses? The houses have no equity. and we live in Michigan
Here's how it works. I think your state tax exemption for equity in your home is is $ 3,500 and $ 18,450 of the federal exemption. You are in a state you choose to use or the other. Before he does anything but make sure he has a consultation with a bankruptcy attorney in Michigan who know much more than I, which in Expect their district. Use the website below to find lawyers who are in the National Association of Consumer Bankruptcy Attorneys search. In Chapter 7 of the house is listed, as the current together with an estimated value had as its value. Most people use online assessments such as Zillow to determine what it is worth now. subtract Against this The first mortgage, second mortgages, liens verdict, liens, to determine whether there is justice in the property. If there is justice in the property, then the Exemption you are allowed and hope that it covers the equity in the property. If I'm totally the case, then the trustee will do with the property. If It may also only after an exemption under water then you do not worry. If after all these calculations there is still much equity the trustee may sell the property and pay the proceeds and the unsecured creditors with him. Many states allow you to use a wild card exemption if you do not your homestead exemption in his possession They cover. They use the same exercise for cars, boats, household goods, jewelry, tools of trade. It all depends on the exceptions, the state gives you, or, if in your state, please take the federal property exemptions. As you can see most people do not lose anything in a Chapter 7 case. Those little old ladies who sit in a house paid off with $ 100,000 in shares, or someone who sat with at $ 10,000 plus in stocks, bonds or cash, when they filed. A big red flag in bankruptcy is not transfer properties within two years prior to relatives, partners or children to submission. The Trustee brings back the property in the bankrupt estate. You can make payments on the mortgage in a Chapter 7 do, he has only to show how much money you give him every month. His Bankruptcy should not be affected. In Chapter 7, with secured assets, you must declare your intention to surrender and be an asset forgiven the debt, keep the house or car redeem by reaffirming the debt or in some cases, the asset by reducing loans, worth it on cars or Household appliances. Tim Cook www.timothycooklaw.com
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