Re: Re: Re: Re: Re: Some serious advice needed..please Am I missing something here? I am not an expert about trusts mortgages etc. but she said that the loan was also being transferred into her name, who gives a mortgage loan on a house that the deed is not in you're name? Or am I WAY off base here?
Re: Re: Re: Some serious advice needed..please If you are having a mortgage "transferred" to you by assignment, you need to be VERY careful of how you proceed.You obviously would not qualify for a bank loan,so I assume it is a private mortgage. Please remember, creditors are sharks that smell blood in the water, if they search for you and find some relative who is holding the mortgage they will attack them. If you are going to file BK I suggest you do it BEFORE any transfer, and wait 60 days after discharge to have the house transferred. Once you have filed and been discharged, tey will not be able to "come to your door"
Re: Re: Re: Re: Re: Some serious advice needed..please Whychat, I enjoy ad hominum attacks. They do so eloquently speak to the professionalism of the person making them. They are definitely akin to the case of the person who cannot speak to another without using filthy and uncouth language. Yes, in my personal opinion. That is all. My personal opinion. There is the key and operative word. According to the poster she would be transferring just exactly nothing. She should plainly state that she wishes it transferred to the children. Now then, although I may very well have assumed something not in evidence, I assumed she was talking about an asset which was to be transferred by the father of the children or at the very least a close relative and not a person outside of the family. If it were to be from someone not a member of the family then I believe that your kind words would be entirely correct, that she could not easily escape the transfer by shrugging it off to her children. To do so with an asset that she had earned with her labor or services or her investments would indeed constitute a fraud upon her creditors and indeed ill advised. So in my opinion it is going to depend upon the circumstances surrounding the transfer of the asset and how the asset had been acquired. A mother's interest should be in the children that God has entrusted her with first and her own second. The best interests of the child must come first and that is the way the courts have always ruled. No, I was not giving advice in this case and if you had not been so quick to mount an unwarranted ad hominum attack you would have realized that since it was plainly stated. I said, "in my opinion" and I did not say "My advice is". If someone who is a direct family member wanted to give me a house and I said that I do not want the house but if you want to give it to someone then set up a trust for my children and give it to them as your gift to them and I will manage the property until they are of age and can administer their own assets I have not transferred one stinking thing. Let the giver be on the board of directors of the trust with full administrative powers over the trust. Not if she followed my advice and that of other thinking people in this thead and sought the advice of an attorney skilled in such matters before she did anything. In your rush to launch unfounded and unwarranted attacks of a personal nature you obviously didn't stop to read that either. And yet you want people to respect you and your opinions? Professionals do not go about launching ad hominum attacks. If you are going to attempt to foist yourself off as some kind of professional person I would suggest that you conduct yourself in a professional manner. Personal slams and vicious attacks such as you have made are uncalled for, unwarranted and unprofessional. Have a nice day.
Re: Re: Re: Re: Re: Some serious advice needed..please I hope I did not start something. The house is from an unrelated party. It will not be possible to put off the transfer. One question about bk. Can you wait until the last possible moment to file bk? Meaning...they have judgements against you...they now know you have a house, and are seeking to attach a lien. My thinking...if it is possible to wait and see if they can get it to that point, or possibly not make it to that point, in order to see if bk is absolutely necessary. Or...it is just inevitable that one of these creditors will find the house, I will have to file anyway, so just get it done asap to start the 10 year burden? Beth
Re: Re: Re: Re: Re: Some serious advice needed..please Nothing has gotten started that I am aware of and it would not be your fault if something did get started. So don't worry about it. You asked for help and that is all you did. In that case I tend to think that you would be better of to forget about any transferrance schemes. If you wish to pursue the idea further then in my personal opinion you would have no other choice but to see a qualified professional attorney with experience in such matters. To do otherwise would be foolhardy to say the least. And again, in my personal opinion you should look for one who will give you a first consultation for free or for a reduced cost because I have serious personal reservation about whether or not such a plan warrants spending any money on. I am not qualified to answer questions about bankruptcy nor even give any personal opinions except that it should be avoided if at all possible.It does have it's time and it does have it's place. Just don't rush into it without very serious thought about what you will be doing and what the future holds if you do file. Do not let fear be the master of your destiny. I have nothing further to say on the matter.
Re: Re: Re: Re: Re: Some serious advice needed..please I want to thank all of you who took the time to advise me, and to explain to me what alot of this meant. I really does help. Thanks so much Beth
Re: Re: Re: Some serious advice needed..please The fact that the $75K is divided up among 10 creditors (average $7500 each) is still big enough for them to sue over, BUT, assuming that you DO file BK, then the Automatic Stay comes into play and even if they DO know where you live, the Stay prohibits them from contacting you directly, period. Any creditor who violates the Stay provisions faces contempt of court citation and (presumably) jail time. Once a BK is filed, most creditors just pack their bags and concentrate on other debtors. Basically, the choice is yours - BK or the Trust. Each has its advantages, each its disadvantages. Let me summarize those as I see them: BK - ADVANTAGES 1 - When the judge bangs the gavel, it's over, once and for all. 2 - If you win the Powerball more than 6 months after discharge, your creditors are SOL. BK- DISADVANTAGES 1 - Your credit is affected for 10 years, not the 7 that any non-BK solution offers 2 - Some creditors will not lend to former BK's regardless of how long ago the BK was TRUST - ADVANTAGES 1 - Since it's not BK, your credit will wash clean in 7 years not 10 2 - Having no assets or income, most crediors are prone to just write the debt off and move on 3 - Assuming you do get back on your feet and start amassing assets, the Trust can be used as a good Estate Planning tool. TRUST - DISADVANTAGES 1 - Trust is a legal document , needs a lawyer 2 - If the trust has any income producing assets in it, the Trust may have to file Form 1041 with the IRS annually. 3 - Legal fees to set up a trust are often higher than for a CH7 BK The choice of action is now yours, good luck.
Re: Re: Some serious advice needed..please "Exactly, make sure that the house is set up in your children's names. This makes it garnishment and lien proof. You should also do the same with your bank accounts. If you set them up where your children are also owners, the accounts cannot be garnished." This *might* be good advice but ... as much as we'd all like to think our little darlings will grow up to be nothing but a joy to us, the truth is that I would worry if this "trust" was revocable or not, lest we end up with a ramped up 18 (or 21) year old deciding to go through a "defiant phase" and sell the house to finance a foot tour of Europe or something. I'm just saying ... There were a few times in my late teens/early 20's that I'm not sure I could have been trusted with that kind of power I just know there IS a solution to your problem and there are certainly avenues to help you - but this also sounds like a time to get thee to an *un-biased* professional (or two, or three) for some serious advice and option shopping.
Re: Re: Some serious advice needed..please I don't know anybody that's gotten sued over CC balances around $7500. I have friends that have had 40k on one card and walked away free and clear. It becomes a business decision for the CC to see if you're worth the hassle to locate and sue. Even if they sue you your defense can be filing BK.
