Everything posted by inthewoods
Hi, My husband and I are filing Chapter 7 and have already met with a BK attorney and did our pre paperwork. We meet with next week to go over things and sign I believe. My understanding at the initial meeting was that we will not lose our home because if would fall under the federal exemptions. We have about 37,000 in equity. The lawyer told us to just keeping making our mortgage payments and car payment like normal. We are not behind in those things. The reason we are filing is my husband lost his job and he made a significant amount more than me and we cant pay for our debt anymore. We can live on a skeleton budget till his industry turns around in this area again. Our lawyer mention that there isn't a "reaffirmation" anymore. Just wondering if there is anything we have to do with our mortgage company or when we actual file, does the mortgage company get notified and do they do anything? If we are making our payments and not behind in anything, is it just proceed as normal? Just wondering if anyone else had similar experience.
Thank you. I just looked up Totten Trust and it does sound like that. My mom said they did it to avoid any hassle with taxes etc when they pass. I will advise my attorney that they had me listed and removed me on their own accord.
Hello, My husband and I will be filing chapter 7 due to his lost of job. Too far in debt to get out. I am in the process of filling out paperwork for my attorney. Upon speaking to my parents, I learned that I am listed on a money market account if they pass away it would go to me. My parents want to just remove me from the account because they do not want someone to take their money. I don't have any say in the matter and have no control over the account. my parents says the statement has their names on it and it says "in trust" underneath with my name. So, with us filing soon, what is the best course of action here. List that I was listed on account but removed not by my choosing? don't list, or try to talk my parents into leaving my name on their? Thank you