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Non Exempt Property
My understanding is that no funds are comingled regarding the house. W keeps seperate bank account (also on petition). I will list on Schedule A as wife's sole and separate property. I will not not list it on Schedule C exemptions.
Thanks, this might have seemed like a ticky tacky thing but it caused me some stress.
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> If husband is the only party filing, and wife holds title as her sole and separate property- wouldn't it just be her separate property, and it would not become part of the bankruptcy estate. (Disclose on Sch A, as wife's sole and separate property).
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> The only thing that might throw this out of whack, are the rent receipts, deposited into her sole owned bank account, or into a community account, and commingled with CP funds?
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> > > Marvin Mann
> > > 2706 Artesia Blvd A
> > > Redondo Beach, CA 90278
> > >
> >
>
The post was migrated from Yahoo.
If husband is the only party filing, and wife holds title as her sole and separate property- wouldn't it just be her separate property, and it would not become part of the bankruptcy estate. (Disclose on Sch A, as wife's sole and separate property).
The only thing that might throw this out of whack, are the rent receipts, deposited into her sole owned bank account, or into a community account, and commingled with CP funds?
> > Marvin Mann
> > 2706 Artesia Blvd A
> > Redondo Beach, CA 90278
> >
>
The post was migrated from Yahoo.
Husband qualifies for Chapter 7. Husband and Wife rent in Riverside County with several children.
Wife owns home in Long Beach. Wife has been only person on title for 14 yearsprior to that husband signed over his interest to wife alone. Wife's sister makes payments on home.
Home is worth anywhere from $258K to $200K depending upon whether you ask Debtor, Zillow or cyberhouse.
$89K is owed on house (first).
My problems are:
(1) I do not think I can use 704.730(a)(2) and exempt 100K because Wife does not live in house.
(2) Even if I could use exemption, not all of equity will be exempt (at least 11K is unprotected...if not more)
(3) I cannot find good legal or procedural grounds to make the argument home is not community property and need not be included in petition because husband is no longer on title and has not been for many years. (i.e., transmutation)...last thing I want is to have something FOUND and have debtor perjure.
Any thoughts helping a newbie at this?
The post was migrated from Yahoo.