Results 1 to 2 of 2

Hybrid View

  1. #1

    Default Deciding Between a Chapter 13 or Chapter 7

    Today, my mother and I went to a bankruptcy lawyer to learn whether a chapter 13 bankruptcy filing is the best for me. She is in possession of three properties that are in her name and two salons. Through an hour and a half of calculations, it was figured out that she have about $200 extra (after expenses, taxes, etc.) or so that would be able to go to a payment plan. Due to this small amount, the lawyer decided that a chapter 13 is not the best plan for her. And yet, since she wishes to keep all of her houses, a chapter 7 bankruptcy filing appears to be a bad idea. She has a trust, unrecorded, that places her as both the grantor and one of the beneficiaries, and a company that I help manage as part of the trustees. Supposing that I managed somehow to change the trust to make it irrevocable and place a trust company or bank as a beneficiary, (the trust is on all of the houses she owns besides the one we live in) would it be more beneficial to file a chapter 7 bankruptcy and allowing them to sell our current home (which would then get rid of the large amount of debt immediately) or to file a chapter 13, which would buy us some time to pay off or settle with the people that placed us on judgement?

    any additional information, if required, simply email me or respond to the thread.
    If anyone knows any good trust lawyers and/or bankruptcy lawyers in North Carolina, please let me know.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Deciding Between a Chapter 13 or Chapter 7

    You need to discuss your plan with an estate planning lawyer and your bankruptcy lawyer. If you try to hide your assets in a trust, I expect that the creditors will be attacking the transfers as fraudulent conveyances or otherwise trying to set aside the trust.

    1. Sponsored Links
       

Similar Threads

  1. Chapter 13: Trustee Dismissing Chapter 13 Bankruptcy, Can We File Chapter 7
    By craigandnay in forum Bankruptcy Law
    Replies: 2
    Last Post: 06-14-2010, 06:23 AM
  2. Chapter 7: Keeping Vehicle with No Equity in Chapter in Chapter 7
    By creed2474 in forum Bankruptcy Law
    Replies: 3
    Last Post: 08-11-2008, 05:03 AM
  3. Chapter 13: Conversion Of Chapter 13 To Chapter 7 - 8 Years After Chapter 7 Discharge
    By daybyday in forum Bankruptcy Law
    Replies: 2
    Last Post: 05-28-2008, 03:56 PM
  4. Bankruptcy Issues: Bankruptcy Exemptions and Choosing Chapter 7 or Chapter 13
    By threemonkeys79 in forum Bankruptcy Law
    Replies: 6
    Last Post: 01-25-2008, 08:39 AM
  5. Chapter 13: Converting From Chapter 13 To Chapter 7 - Will The Trustee Refund My Payments?
    By NBHAMBLESSED in forum Bankruptcy Law
    Replies: 5
    Last Post: 09-27-2007, 11:31 AM
 
 
Sponsored Links

Legal Help, Information and Resources