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Husband is considering filing for bankruptcy (alone). We have the title to our mobile home but owe my parents 30k still...
Anonymous2 views3 answers
He has a 24k personal loan that he took out about 4 months ago to consolidate dept ( a very high interest student loan plus some credit cards) in an attempt to get control of our financial situation. Since then his hours were drastically cut, and we are unable to make payments, not to mention he has since then got and used two new credit cards to pay for necessities such as gas and food. The only assets we have is a 90's single wide mobile home, we have the title and it is in both our names, however my parents bought it for me and we owe them almost 30k on it on top of paying rent to have it on their land.
My main question is if he files will the trustee take MY house b/c the title is in both our names. Would transferring the title to me alone be a viable option?
Robert A. StumpfBankruptcy AttorneyStaten Island, NY ·
Whatever you do, don't transfer anything. I doubt the trustee would be interested in your mobile home, but it would depend on the equity you might have in the property and the exemption you'd be entitled to. You need to seek out the services of a bankruptcy attorney as soon as you can. But again, for your sake....don't transfer anything. Good luck.
Nothing short of a fuil case review by an experienced bankruptcy practitioner will meet your needs. You fail to disclose what has prompted your husband to consider filing alone, but his filing will clearly affect your rights. Whether your home is at risk is only one part of the threat to your property rights, and cannot be determined with the limited information you have chosen to disclose.
If for some reason your husband is not allowing access to the attorney advising him (or worse yet, he is foolish enough to attempt bankrtupcy without counsel) you must access appropriate legal advise for yourself. If you do not know a qualified lawyer, use the attorney-finder at www.nacba.org. I am a longtime proud member of NACBA, and trust my WY colleagues to advise accuratley and protect clients aggressively.
Best wishes for a favorable outcome, and please remember to designate a best answer.
Don't transfer the property if you or husband are intent on filing bankruptcy. You will not like the results if you do. Do your parents have a security interest in the property? What happens if you stop paying them, do they get to foreclose on you? Those are things that you will want to review with your bankruptcy attorney, but do not transfer the property.
