What is the name of your state?
Colorado
I would appreciate direction for the following situation:
My husband and I are going to purchase (either outright or through joint tenancy) my mom's home; mom will continue to live with us.
Home is worth approx. $300,000, and has $150,000 mortgage; our plan is to refinance the debt in our name if we transact as outright purchase, or with my income only, if we transact w/joint tenancy.
Mom has approx. $25,000 in credit card debt, receives approx. $950/mo. in SS benefits, and has no other income (only adt'l asset is her personal vehicle, 1995 Jeep Cherokee in fair condition), no life insurance, no pension... We're considering advising Mom to file Chapter 7 bankruptcy, but need to know:
- Can the Court can force the sale of her home during Chapter 7 liquidation, if the home is held in joint tenancy (with me)?
- Can the individual creditors attach a lien to my Mom's interest in the home if it's held in joint tenancy?
We are aware that, if we transact w/outright purchase, we are putting Mom at risk of not being eligible for MCAID should she ever require long term care (she's 70, and has a history of high blood pressure, but it is being controlled w/medication) with in the "lookback period", and we're pricing long term care insurance to cover (or least offset) this risk. However, if we do transact w/an outright purchase, Mom doesn't have any assets, or interest in an asset that a creditor can attach to...in that case, couldn't we just not file a bankruptcy and advise the creditors to kiss off
?
FYI, we're in the process of validating the debt; cardholder was my dad and he just passed away after a battle w/Parkinson's and several strokes...if Mom wasn't a cardholder/signer on the application, does the debt die w/my Dad? Also, Dad's name was removed from the deed on the home (just) prior to his death, as we had begun working w/an attorney on a purchase plan for the home, that would not affect Dad's MCAID (he was in a nursing home for the past 3 years, and MCAID was covering those costs).
Please advise if I've left out any pertinant info - and thanks for your time/helpWhat is the name of your state?
Colorado
I would appreciate direction for the following situation:
My husband and I are going to purchase (either outright or through joint tenancy) my mom's home; mom will continue to live with us.
Home is worth approx. $300,000, and has $150,000 mortgage; our plan is to refinance the debt in our name if we transact as outright purchase, or with my income only, if we transact w/joint tenancy.
Mom has approx. $25,000 in credit card debt, receives approx. $950/mo. in SS benefits, and has no other income (only adt'l asset is her personal vehicle, 1995 Jeep Cherokee in fair condition), no life insurance, no pension... We're considering advising Mom to file Chapter 7 bankruptcy, but need to know:
- Can the Court can force the sale of her home during Chapter 7 liquidation, if the home is held in joint tenancy (with me)?
- Can the individual creditors attach a lien to my Mom's interest in the home if it's held in joint tenancy?
We are aware that, if we transact w/outright purchase, we are putting Mom at risk of not being eligible for MCAID should she ever require long term care (she's 70, and has a history of high blood pressure, but it is being controlled w/medication) with in the "lookback period", and we're pricing long term care insurance to cover (or least offset) this risk. However, if we do transact w/an outright purchase, Mom doesn't have any assets, or interest in an asset that a creditor can attach to...in that case, couldn't we just not file a bankruptcy and advise the creditors to kiss off
?FYI, we're in the process of validating the debt; cardholder was my dad and he just passed away after a battle w/Parkinson's and several strokes...if Mom wasn't a cardholder/signer on the application, does the debt die w/my Dad? Also, Dad's name was removed from the deed on the home (just) prior to his death, as we had begun working w/an attorney on a purchase plan for the home, that would not affect Dad's MCAID (he was in a nursing home for the past 3 years, and MCAID was covering those costs).
Please advise if I've left out any pertinant info - and thanks for your time/help
What is the name of your state?