QUESTION
Can I file chapter 7 if my name is not on the deed or note, I live in the house, have power of attorney and quit claim deed?
Asked on Jul 25th, 2015 on Bankruptcy - California
More details to this question:
I purchased a brand new 3 family house in 2005/2006 for $540,000. It was bought in the name of a male friend, because I had no green card, social security number, credit history was very green and naive I paid too much for the house. I had more than one beauty supply store and also was supported my millionaire boy friend from Africa. I have been paying the mortgage from the date of purchase until 2013 when I got bed ridden as a result of hip replacement surgery. My male friend who the house is in his name left for Africa in 2014. I have a power of attorney and quit claim deed from him to convey ownership interest to me. The house is being foreclosed for $900,000. I can I file for chapter 7 bankruptcy protection?
6 ANSWERS
Better to meet with a lawyer face to face to get your questions answered. I have at least 50 questions for you before I can render a legal answer. It's like calling a doctor on the phone complaining about a headache. He would need to take a complete medical history before he recommends either aspirin or brain surgery. Lawyers are not different. You will have to pay a lawyer worth their salt for the consultation, but it is up to you. I wouldn't cut corners here - you have to much at stake. Good luck!
Answered on Aug 03rd, 2015 at 12:45 PM
Bankruptcy Attorney serving Livonia, MI
at
Charles J. Schneider, P.C.
Update Your Profile
If you have a quitclaim deed that gives you ownership of the home, you own the home. I do not know what you are protecting yourself from by filing chapter 7.
Answered on Aug 03rd, 2015 at 10:27 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Probably not, I mean you can file a Chapter 7 but unless you're going to pay the mortgage it won't prevent a foreclosure, merely delay it for a few months.
Answered on Aug 03rd, 2015 at 1:50 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
I recall answering this question about a week ago. Neither the law, nor my opinion, has changed.
Answered on Aug 03rd, 2015 at 1:47 AM
This is not the first time I have seen this question from you and my answer is the same as it was the last time you posted it. You cannot get any benefit from bankruptcy to stop a foreclosure unless your name is on the title to the property. You can file for bankruptcy if you are otherwise eligible, but doing so will not delay any foreclosure by a mortgage company that is financing the property.
Answered on Aug 03rd, 2015 at 1:45 AM
Consumer Bankruptcy Attorney serving Los Angeles, CA
at
Orantes Law Firm
Update Your Profile
I would not suggest a Chapter 7 at all. You will surely lose the house and likely will get nothing in a Chapter 7 case (or lose it soon thereafter if you get your homestead exemption). You probably should file for Chapter 13 protection after recording the quitclaim deed. You will need regular income, but rental income would suffice. Indeed, you may need to file for Chapter 11 protection. The foregoing notwithstanding, you need to consult an expert in Chapters 11, 13 and 7 to take the correct next step IMMEDIATELY.
Answered on Aug 03rd, 2015 at 1:43 AM