Personal Bankruptcy Chapter 7 Bankruptcy Found out that I own property that I didn't realize
- Thread Starter Neal
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army judge
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Assuming you were put on the title for estate planning purposes only, you have a legal interest in the property BUT not an equitable interest. Under 11 USC 541(d) a Trustee acquires no more rights than you and the property should be safe. Will a Trustee try to blackmail you into paying a few bucks? . . . Probably. . . especially if you do not have an attny.
Discuss this with an attny and be glad that you found out before you filed. You now have time to figure out the best way to proceed. AND. . . do not change the title at this time. Talk to an attny before you do anything - you should be able to work around the issue.
Des.
Discuss this with an attny and be glad that you found out before you filed. You now have time to figure out the best way to proceed. AND. . . do not change the title at this time. Talk to an attny before you do anything - you should be able to work around the issue.
Des.
despritfreya
Active Member
This may end up as a duplicate post. This web site has issues with "members" trying to sign in. Anyway. . .
Assuming you were put on the title for estate planning purposes only, you have a legal interest in the property BUT not an equitable interest. Under 11 USC 541(d) a Trustee acquires no more rights than you and the property should be safe. Will a Trustee try to blackmail you into paying a few bucks? . . . Probably. . . especially if you do not have an attny.
Discuss this with an attny and be glad that you found out before you filed. You now have time to figure out the best way to proceed. AND. . . do not change the title at this time. Talk to an attny before you do anything - you should be able to work around the issue.
Des.
Assuming you were put on the title for estate planning purposes only, you have a legal interest in the property BUT not an equitable interest. Under 11 USC 541(d) a Trustee acquires no more rights than you and the property should be safe. Will a Trustee try to blackmail you into paying a few bucks? . . . Probably. . . especially if you do not have an attny.
Discuss this with an attny and be glad that you found out before you filed. You now have time to figure out the best way to proceed. AND. . . do not change the title at this time. Talk to an attny before you do anything - you should be able to work around the issue.
Des.
fredrikklaw
Moderator
Remember Exemptions!
NEAL:
First and foremost, you do not want to keep anything hidden from the bankruptcy trustee; none whatsoever! Not only because willful omission of anything that could be considered personal asset on the petition could well come back and bite you in the leg, but also because the omission may well turn out to be an item that is exempt from creditor inspection to begin with.
If you get your hands on a Bankruptcy Petition Form, you will see that there are numerous items that are tagged as exempt; even certain amounts of cash and personal jewelry as it is not the Bankruptcy Court's intention to punish petitioners by taking every single thing from them, including the shirt off their back and kick them to the curb.
Now, here, it sounds like that you have merely been bequeathed a partial future interest in a property currently owned by your grandmother and nobody has handed you a stack of cash on a silver platter. In other words, and for all intents and purposes, it is a cum-hither promise that may not come into fruition for years down the line and it does not benefit you in any shape or form as things stand. So if it is not considered an asset, then it will not even be included in the petition.
Also let's suppose that you have been gifted this interest inter vivo (meaning while your grandmother is alive) in which case it will be considered an asset. But still, it does not mean that it will be up for grabs by the creditors, because folks file bankruptcy when their total outgoing financial liability is greater than their income.
fredrikklaw
NEAL:
First and foremost, you do not want to keep anything hidden from the bankruptcy trustee; none whatsoever! Not only because willful omission of anything that could be considered personal asset on the petition could well come back and bite you in the leg, but also because the omission may well turn out to be an item that is exempt from creditor inspection to begin with.
If you get your hands on a Bankruptcy Petition Form, you will see that there are numerous items that are tagged as exempt; even certain amounts of cash and personal jewelry as it is not the Bankruptcy Court's intention to punish petitioners by taking every single thing from them, including the shirt off their back and kick them to the curb.
Now, here, it sounds like that you have merely been bequeathed a partial future interest in a property currently owned by your grandmother and nobody has handed you a stack of cash on a silver platter. In other words, and for all intents and purposes, it is a cum-hither promise that may not come into fruition for years down the line and it does not benefit you in any shape or form as things stand. So if it is not considered an asset, then it will not even be included in the petition.
Also let's suppose that you have been gifted this interest inter vivo (meaning while your grandmother is alive) in which case it will be considered an asset. But still, it does not mean that it will be up for grabs by the creditors, because folks file bankruptcy when their total outgoing financial liability is greater than their income.
fredrikklaw
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