$125K in debt filing Chapt 7-Questions????

[EW800]

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@DrZoidberg wrote:

It sounds like you want to eliminate your $125k in debt without losing anything of value or paying it. That's just not going to happen. I don't see the problem in selling your house to pay the debt and moving on. 

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Ya, she has been pretty open about wanting to rid this debt without giving up assets.  That is why I am glad she is seeing another attorney, as from everything I have read the transfer of the hosue and waiting a few years would never make it under the radar.  I am no expert in this area, but from all that I know I do not think there is any way for her to do a BK and NOT involve the assets that are in her name.  

[lessismore2014]

The lawyer suggested a corrective deed before adding the rest of my assets and it put me over the allowed exception amount. I even asked the lawyer about the transfer of the deed about it being legal and he said it would be a corrective deed adding wording " son's interst 99% mother 1%"  because we can then say that they made an error in the deed and we just noticed it and plus we can prove that my son paid the house (which we can) but then after adding the all other assets he just straight out said his suggestion to me would be to transfer all assets wait so many years and then file. This lawyer's office only handles bankruptcy cases. I was shocked that I called in the morning and got in the same day for a consult that should have told me something right there. I guess they didn't have too many cases. The appointment I have with lawyer 2 I had to book 2 weeks out. It's a female lawyer and has been doing bankruptcies for 23 years. I'm thinking if I can get some gift money if I can do a Chapt 13 and pay off what I can to the creditors so that way I can save my assets. I'm going to ask that and see what she says. I don't just want to stop paying on my credit cards. Attorney no. 1 also suggested that I change my address & phone no. and stop paying on my cards.

[ezdriver]

My oh my ... this sure is a long thread with one common theme ... contemplating a ch7 bankruptcy and not wanting to include all assets and debts in the filing. I think that the OP know very well what should and should not be done by now.

Does anyone think that trustees and/or their assistants don't check the internet ... and sites like myFICO?

[TRC_WA]

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@DrZoidberg wrote:

It sounds like you want to eliminate your $125k in debt without losing anything of value or paying it. That's just not going to happen. I don't see the problem in selling your house to pay the debt and moving on. 

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But wouldn't it be nice if it were that easy?  LOL

[lessismore2014]

ezdriver if you don't have any suggestions or any positive remarks to say don't say anything cuz ur attitude sucks! We r here for help and advice not ur negative comments. Keep them to urself!!!!!!!!!!

[lessismore2014]

DrZoidberg wrote:

It sounds like you want to eliminate your $125k in debt without losing anything of value or paying it. That's just not going to happen. I don't see the problem in selling your house to pay the debt and moving on. 

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Would u want to loose a home that ur son/daughter bought for you that's worth over $350K? I don't think so! U don't see the problem with that? R u blind dude? U stating that just pisses me off. People fall into hard times you don't know my situation and for u to go and say that was total BS. How about u move on with ur comments.

[USF813]

OP - The sad reality (and I'm glad you recognize this), is that your compulsive spending may in the end take down someone you love. This is a difficult situation that most of us in our own BK didn't have to face, and I'm so sorry you're experiencing this. That said, I hope one this is all said and done you consider living on a cash only lifestyle and call it a day. I also understand you value your home. You have a decision to make. 1. Seperate yourself from the emotional attachment with the home, sell it, pay off your debt, and then pay the rest to your son, close all but two credit cards and slash their limits. Or 2. Remain attached emotionally to the home, file BK, lose the house to the trustee anyway, watch your sons investment fly out the window, and have a terrible mark on your credit for ten years.

Ultimately it's up to you but I think the primary issue is the emotional attachment to the house. It's hurting you (and your son).

[lessismore2014]

I will not file if I have to put up my home, I have no where to go!!!!!!!!!!!!!!!!!!!!!!! Don't u people understand this. PERIOD. My son purchased this home to get me out of a bad area in the city I will NOT let a trustee take it. I will continue to seek out other options if bankruptcy isn't an option.

[USF813]

Ok so you don't like raw facts. Well, that's unfortunate. Arguing with people and insisting you won't do this or that makes me wonder why you came here to begin with. The house is an asset with enough value to pay the debts.

[lessismore2014]

You people keep on insisting on me giving up my home to pay off my debts when I said from the very start that's not an option. I came on here for advice not to be sh*t on. I have done my research in my state and I understand the RAW facts as you put it. I'm not putting up my home to pay my debts point blank it's as simple as that. I'd rather let my debt go then to use my home my shelter to pay a misely $125k in debt. I'll be damned if I let all my son's hard earned money go out the window. I don't understand what you people don't understand about that. You know what I'm going to keep my business to myself. I regret coming on here asking for help or advice because people don't act like adults or treat other people with respect. They have to make BS comments and make someone feel like they should give up everything that they've worked hard for without knowing their situation and just move on like nothing just to pay on a debt. I give up everything to pay back $125k and then how am I suppose to live? I have nothing further to say and won't add to my discussion.