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04-18-2005, 05:32 PM
| | Junior Member | | Join Date: Apr 2005
Posts: 1
| |  Chapter 13 Two sisters one house
undefinedWhat is the name of your state?NJ Our mother left the house to my sister and I. The deed was changed at the time of her diagnosis. Now I face Chapter 13, credit card debit. In the tune of 27,000. I contacted two attorneys, both sugested refinancing. I already have an home equity loan in the amout of 25K. The rest is equity. If I file chapter 13, can the bankruptcy trustee actually force a sale of the house, with both myself, and my sisters name, on the deed? Is my equity 1/2 or the whole thing? Should I place my nieces, on the deed now? Will that lower my equity to 1/4th, of the value? If I go forward with the bankruptcy, and the bankruptcy trustee says sell the house, can I back out of the bankruptcy? If I don't file bankruptcy, and they garnish my wages what percent can they take? Can they also place liens on the house? Can they force a sale? If I wait, and save, I could get settlements, with one at a time, until they are paid off. My house is worth approximatly 200,000. The tax note says 108,000. I can't refinance, my credit is shot, except for the home equity loan, I always pay on time and extra. Any answers, any hope, anyone? |
04-18-2005, 08:57 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | Quote: |
If I file chapter 13, can the bankruptcy trustee actually force a sale of the house, with both myself, and my sisters name, on the deed?
| Probably not, depends on how the deed is written. Quote: |
Is my equity 1/2 or the whole thing?
| 1/2 Quote: |
Should I place my nieces, on the deed now?
| NO. Make no changes to the property before filing for BK !! Quote: |
, can I back out of the bankruptcy?
| You can convert to a Ch 13, or let it be dismissed. Quote: |
If I don't file bankruptcy, and they garnish my wages what percent can they take? Can they also place liens on the house?
| They can get 25% of your take-home pay and they can place a lien on the house.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
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04-19-2005, 07:48 AM
| | Member | | Join Date: Apr 2004 Location: Boston
Posts: 468
| | Quote: |
Originally Posted by Ladynred Probably not, depends on how the deed is written. | Umm, section 363(h) permits a trustee to sell free and clear of a co-tenant's interest in some cases. 363(i) permits the co-tenant to ransom the property from the trustee.
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Walter Oney, Attorney at Law (Massachusetts)
Nothing in this message should be construed as legal advice or as establishing an attorney-client relationship.
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04-19-2005, 06:48 PM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | Ransom ?? lol.. I'll have to read that section again 
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
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