Missouri Bankruptcy Legal Questions

The answer is going to depend on what is done after the bankruptcy and/or during any divorce. Bankruptcy does not impact ownership on the house, it merely eliminates the personal obligation to pay the mortgage. The bank would still have to foreclose, so if the other party chose to continue paying the mortgage they could potentially keep the house. A more serious concern is the fact that once spouse A files then spouse B (assuming they were on the loan) remains personally liable for the debt. You should consult an attorney for both debt/bankruptcy and family law advice.... Read More

The ownership interest of the non-debtor spouse is initially unaffected, however if the trustee believes there is equity in the interest of the debtor's property, the trustee may have the ability to sell the entire property and pay the non-debtor spouse his or her share of the proceeds.... Read More

With regard to ownership, if the property market value is less than the loans secured by the property OR if the property market value is worth more than the loans secured by the property but the amount (often called owners' equity) that exceeds the liens on the property falls within an allowable exemption and is in fact exempted in the bankruptcy schedules, then the home would not be sold to pay off creditors. In this scenario ownership does not change and both spouses retain property ownership interest. This assumes mortgage loan(s) are not in default. If they are in default, the answer depends on more facts not disclosed.... Read More

This question lacks sufficient information to answer. Separated? Divorced? Separation does not change ownership of a home. Affect? Do you want to know whether you will keep? What is its value? Does it have a mortgage? Do you own it by tenancy by the entities? What other personal or real property do you wish to keep?... Read More

The exemption in bankruptcy are determined by which state you live in. These laws tell you what you can keep and protect from your creditors and the trustee in bankruptcy. You must properly claim exemptions to which you are entitled. Here in Colorado, there is no exemption for death benefits and there is no wildcard exemption that might protect some or all of any funds in a bank account. If you filed with an attorney you should discuss this with him or her. If you filed on your own without the benefit of legal counsel this may end up being a very costly mistake. Surely a legal fee would have been worth it to protect what little you may have had in the way if assets.... Read More

My answer assumes a few things. First, that your bankruptcy case is still open. Second, that you need to amend your schedule B & C because you have a refund that you did not yet receive, not a refund you received before the filing your bankruptcy case or because you owe income taxes. To amend the petition, you will need to file with the court an Amendment Cover sheet (see bankruptcy court in your jurisdiction for the form and read the form carefully as it has instructions) and an Amended version of Schedule B & C. You will likely also need to file an amended Summary page updating the totaled figures on this form for Schedule B and C. The Amended version of Schedule B & C, should have the word amended at the top next to the heading and list only the items being changed. For example "added Income Tax refund" in the appropriate row & the amount. You can exempt the full amount on Schedule C provided you have enough exemption to cover it. If you cannot exempt it because there is no exemption to cover it, then the tax refund can be taken by the Trustee. A copy of the Amendment cover sheet and the Amended schedules need to be served on the Trustee and U.S. Trustee that means mailing a copy to these parties before filing the forms with the court (see second page of the Amendment Cover sheet that contains information about proof of service that you will fill out prior to filing the form with the court. Hope this helps but beware that different local jurisdictions may have different ways of doing things.... Read More

Your father obviously believes he may owe you money.  If you want more details on the basis of the debt, you should obtain a copy of the bankruptcy schedules from the court.  If you don't think he owes you any money, then there's nothing for you to do. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  ... Read More

Probably. Ouch, you should never reaffirm a real property loan. Reaffirmation is a new obligation that is approved by the court. You may be able to file a new bankruptcy, need more facts. It is a very common misunderstanding about what is "in" a bankruptcy. Basically EVERYTHING is in your bankruptcy. Secured debts receive different treatment, but the secured debt is in the bankruptcy.... Read More