QUESTION
Do I have to tell them that asset if my name is on the deed but I am divorced, he pays the mortgage and I do not live there?
Asked on Mar 24th, 2015 on Bankruptcy - Ohio
12 ANSWERS
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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YES, whenever in doubt, DISCLOSE, DISCLOSE, DISCLOSE!! You can't get into trouble for "over disclosing" - only NOT disclosing. You must report it on both Schedule A (real property) and the STATEMENT OF FINANCIAL AFFAIRS (SOFA) / question #14 (property held for another person). You should BRIEFLY explain the facts regarding that title to real property
Answered on Mar 26th, 2015 at 3:00 PM
I never know who them is, but if you are filing bankruptcy, you must tell the truth, the whole truth and nothing but the truth. If you are on the deed or if your divorce says you have an ownership interest in the real estate, you must disclose this on your bankruptcy paperwork. Can't imagine why you would think any differently.
Answered on Mar 26th, 2015 at 12:18 PM
Derek W. Freeman
You are required to list all debts and all assets. Even if you don't live in the house, it is your asset and you must list it. This will probably cause major problems with your ex-spouse. Since you don't live in the house, you are not entitled to the homestead exemption, which means that any equity you have in the house is non-exempt and can be seized in a bankruptcy. This means that the home will be sold and your portion of the equity will be used to pay your creditors. Not a good situation for him. If you qualify for a chapter 13, you can avoid this outcome, but it's something you need to consider carefully.
Answered on Mar 26th, 2015 at 12:18 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Yes. I respectfully suggest that you hire an experienced bankruptcy attorney to represent you. There are a number of pitfalls that a skilled lawyer can help you avoid. Good Luck.
Answered on Mar 26th, 2015 at 10:46 AM
You must disclose all assets that you have an ownership interest in. If your name is on a deed you have an ownership interest in the real estate.
Answered on Mar 26th, 2015 at 4:44 AM
Yes, you should report the property on schedule A, but you could also provide the trustee a copy of your divorce decree which gives your ex-spouse the property so that it is clear that it is no longer yours. Include a brief explanation on schedule A. If you are still a party to the mortgage, you will need to list that debt on schedule D and indicate that you are surrendering your interest in the house. You might also need to list your ex on Schedule H as a co-debtor. Finally, look carefully at the questions on the Statement of Financial Affairs to see if you need to report the property settlement in the divorce.
Answered on Mar 26th, 2015 at 4:44 AM
Yes full disclosure in bankruptcy always.
Answered on Mar 26th, 2015 at 4:43 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Speak with your attorney, or get one. You would not like to be prosecuted for bankruptcy fraud and denied a discharge.
Answered on Mar 26th, 2015 at 4:43 AM
2 Awards
If your name is on title you own it and must disclose it. If it was given to ex in decree you need to do a quitclaim deed and get it out of your name.
Answered on Mar 26th, 2015 at 4:42 AM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Yes. You need to listing EVERYTHING that you own, have a right to, or might think you have a right to.
Answered on Mar 26th, 2015 at 4:41 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, the bankruptcy petition is filed under oath and failure to disclose an asset can get you prosecuted for perjury and/or bankruptcy fraud. As long as your name is on the deed, it's legally your asset. Not that I'm giving a Bankruptcy Fraud 101 course here, but it's a really, really bad idea to omit assets that have a paper trail. Real estate records, car titles, that Rolex that's on your homeowners insurance policy for $10,000, if your tax return shows $500 of interest and you don't report any investments, etc. Committing bankruptcy fraud is always a bad idea, but doing it with this type of assets is like robbing a bank with a note written on the back of your business card. The FBI investigates bankruptcy fraud, they may not be smarter than you but they have decades of experience. What you might think is a foolproof idea that no one has ever tried before is probably in the first chapter of the FBI's instruction manual. If you think you're in a world of hurt because you've got money problems, try committing bankruptcy fraud and then you'll have criminal problems and you'll find a whole new level of pain.
Answered on Mar 26th, 2015 at 4:41 AM