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Non-filing spouse's SP at risk in Ch. 7?
House went down in value during marriage? If so, prob no community interest. Pat, Dave, plz comment
Sent from my iPhone
On Feb 27, 2012, at 2:28 PM, "Nikki" wrote:
> Dear All,
>
> I'm having a pregnant woman's mental block.
>
> Potential client (Husband) eligible for Ch. 7 except for this:
>
> 20 years prior to marriage, Wife bought a house in which her parents live. Parents on Social Security, so title and loan in W's name. SP
>
> 16 years prior to marriage, Wife gets a line of credit on the house. still SP.
>
> 4 years ago H & W get married. (no prenup)
> 2 years ago, during marriage, first mortgage on W's house is paid off (during marriage) and payments of LOC continue until now. (argument that Community has earned an interest in W's SP)
>
> House has significant equity now.
>
> HOWEVER, For the past 4 years during marriage, W has been making the mortgage payments from her own checking account, BUT parents and sibling are reimbursing her in cash (i.e. no paper trail of reimbursement).
>
> I've advised him that he must list Wife's property and that I'm hesitant to put him in a Ch. 7, but he insists on taking the risk, and then converting to Chapter 13 if there's a problem.
>
> Any advice on how I can anticipate the liquidation analysis in a potential chapter 13 conversion?
>
> Thanks in advance,
> Nikki
>
>
>
>
>
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House went down in value during marriage? If so, prob no community interest. Pat, Dave, plz commentSent from my iPhoneOn Feb 27, 2012, at 2:28 PM, "Nikki" <hashemiesq@yahoo.com> wrote:
Dear All,
I'm having a pregnant woman's mental block.
Potential client (Husband) eligible for Ch. 7 except for this:
20 years prior to marriage, Wife bought a house in which her parents live. Parents on Social Security, so title and loan in W's name. SP
16 years prior to marriage, Wife gets a line of credit on the house. still SP.
4 years ago H & W get married. (no prenup)
2 years ago, during marriage, first mortgage on W's house is paid off (during marriage) and payments of LOC continue until now. (argument that Community has earned an interest in W's SP)
House has significant equity now.
HOWEVER, For the past 4 years during marriage, W has been making the mortgage payments from her own checking account, BUT parents and sibling are reimbursing her in cash (i.e. no paper trail of reimbursement).
I've advised him that he must list Wife's property and that I'm hesitant to put him in a Ch. 7, but he insists on taking the risk, and then converting to Chapter 13 if there's a problem.
Any advice on how I can anticipate the liquidation analysis in a potential chapter 13 conversion?
Thanks in advance,
Nikki
The post was migrated from Yahoo.
Dear All,
I'm having a pregnant woman's mental block.
Potential client (Husband) eligible for Ch. 7 except for this:
20 years prior to marriage, Wife bought a house in which her parents live. Parents on Social Security, so title and loan in W's name. SP
16 years prior to marriage, Wife gets a line of credit on the house. still SP.
4 years ago H & W get married. (no prenup)
2 years ago, during marriage, first mortgage on W's house is paid off (during marriage) and payments of LOC continue until now. (argument that Community has earned an interest in W's SP)
House has significant equity now.
HOWEVER, For the past 4 years during marriage, W has been making the mortgage payments from her own checking account, BUT parents and sibling are reimbursing her in cash (i.e. no paper trail of reimbursement).
I've advised him that he must list Wife's property and that I'm hesitant to put him in a Ch. 7, but he insists on taking the risk, and then converting to Chapter 13 if there's a problem.
Any advice on how I can anticipate the liquidation analysis in a potential chapter 13 conversion?
Thanks in advance,
Nikki
The post was migrated from Yahoo.