bankruptcy

i am currently debating filing for bankruptcy in pa- but am confused on a few issues. i was going to file joint with my husband because all the utilities are in my name. when my dad passed he left everything to his 9 children the money we received from the insurance went right back into the estate to pay bills but the house in nj is in estate of with all nine names on it. my two brothers are currently living there and we plan on keeping it in the family. if i file for bankruptcy and this house gets sold are the creditors going to get the money. what should i do to prevent creditors from getting there hands on it cause i can really use it for my 4 children education and would like to use it profitably.should i take my name off the estate.

[Edited by TCIELI on 07-13-2001 at 11:52 AM]

[bigun]

You better see a lawyer before you start transferring property. You'll probably need to file a chapter 13.

why chapter 13 i figured our monthly expenses and there is nothing left to file chapter 13. i've been paying these credit cards for 6 years and they are going nowhere because of interest i've exhausted all efforts on deals credit counseling etc. this needs to be over so i can save for the kids future. as far as i'm concerned we payed off the money borrowed and then some. after 6 years of struggling i hate to see any of them get the inheritance which isn't all that much cause its being split between 9 people. the question states are you entitled to an inheritance, or is there the possibility of you will be entitled to an inheritance within 6 months of the filing bankruptcy? and honestly the answer is no cause we don't plan on selling the house we are going to keep it in the family and my brothers will hold the mortgage. i just don't want my husbands creditors to put a lien on it. i can not afford to pay a lawyer to do this for me thats why i'm asking these questions. i downloaded a bankruptcy kit and was going to try to do it myself.

[bigun]

If you're named in the will, it doesn't matter whose name the mortgage is in. You own a portion of the house and the law says you must disclose that to the trustee. I sure wouldn't lie about it.

i was planning on disclosing this information. there will be no lies!!! i'm trying to do this legally without any loss. the credit card are in my husbands name can they go after that house? am i legally responsible for his debt through marriage.

[bigun]

This is why you really need a lawyer. If you're filing jointly, everything is up for grabs. You may have no choice if Pa. is a community credit state.