QUESTION
Is there any way/technique to tip the scale in the other direction quickly (e.g. put your home with mortgage into a trust?)?
Asked on May 22nd, 2013 on Bankruptcy - Minnesota
More details to this question:
If I file for bankruptcy due to business failure, I'd have to file for Chapter 13 since just over 50% is personal debt (thanks mortgage).
8 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on May 24th, 2013 at 1:04 AM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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Short of actually selling your home, probably not, since any trust set up shortly before bankruptcy is highly suspect and likely invalid. If you re-financed or took out a second mortgage to finance the business, and can document it, that might tip the scales, however. You should discuss this with an experienced bankruptcy attorney.
Answered on May 23rd, 2013 at 2:20 PM
It sounds like you are looking for advice on how to commit bankruptcy fraud. There may be a solution to your problem that allows you to obtain help through bankruptcy without crossing the line, but I would not be willing to meet with someone who appeared to be interested in discussing actions that are illegal.
Answered on May 23rd, 2013 at 2:18 PM
Bankruptcy Attorney serving Henderson, NV
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Jeffrey A. Cogan Chartered, a PLLC
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If you are saying that your business debt is less than your mortgage and you make more than means of Nevada for your size family, the only thing that you can do is try to work the income and expense numbers to be in a chapter 7. Most of the time, it does not work and you are in a five year Chapter 13. You need an attorney skilled in consumer bankruptcy to figure out if you can be a in Chapter 7.
Answered on May 23rd, 2013 at 2:17 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Putting home in trust does not protect from bankruptcy. If you file Chapter 13 you can still keep mortgage current and keep home, as long as you do not have more than the homestead exemption.
Answered on May 23rd, 2013 at 2:16 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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You're asking a very sensitive question. There may or may not be legal ways for you to file for a 7 instead of a 13. Or maybe you don't know or understand but a 13 or 11 may be best for you. I highly recommend that you speak with an experienced attorney to decide what option is best for you.
Answered on May 23rd, 2013 at 3:06 AM
Deborah F. Bowinski
You should consult with an retain experienced bankruptcy counsel. You are asking for very specific and personal advice on a nationwide web-based forum. There are many factors and considerations that go into bankruptcy planning and there are no easy and uniform general answers to such questions.
Answered on May 23rd, 2013 at 3:05 AM
Chapter 13 Bankruptcy Attorney serving Bloomington, MN
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Gregory J. Wald
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This would be viewed as a fraudulent transfer by the court and would not be advisable.
Answered on May 23rd, 2013 at 3:04 AM