Tweet
Hi Guys,
Would Like to feedback.
I owe 90k in credit card debt.
Have primary residence with 80k in equity
Have investment property with 80k in equity, which i owe free and clear. No other assets, like cars or savings, or 401k. nothing. Also on SS at this point.
Currently, we have a relative living in the investment property, which in case i declare, would be taken away from them to cover as much as possible of the 90k i owe on credit cards and i dont want that to happen. They have helped me throughout my life and i feel like i owe it to them at this point to have a place to live for free(it gets complicated, but it is what it is.)
Is it possible for me to move in with the relative and make that my primary residence, so when i file, the house im currently living in would the sold by the trustee and that covers my debt or is that considered fraud. I would wait to file for 2 years after i move in with my relative. Relative cant move in with me, so thats not an option.
In the end, i guess im just trying to protect my relatives living situation as much as possible, although i admit, it complicates things fir me.
I also though about signing house over to him, but lawyer said that's fraud and i cant declare bankruptcy for 4 years after that and the prospect of dealing with creditors for that long, doesn't sound appealing to me.
Whats the best way for me to preserve as much of the little money i do have and not screw my relative or is it one or the other?
Any help is appreciated.
Would Like to feedback.
I owe 90k in credit card debt.
Have primary residence with 80k in equity
Have investment property with 80k in equity, which i owe free and clear. No other assets, like cars or savings, or 401k. nothing. Also on SS at this point.
Currently, we have a relative living in the investment property, which in case i declare, would be taken away from them to cover as much as possible of the 90k i owe on credit cards and i dont want that to happen. They have helped me throughout my life and i feel like i owe it to them at this point to have a place to live for free(it gets complicated, but it is what it is.)
Is it possible for me to move in with the relative and make that my primary residence, so when i file, the house im currently living in would the sold by the trustee and that covers my debt or is that considered fraud. I would wait to file for 2 years after i move in with my relative. Relative cant move in with me, so thats not an option.
In the end, i guess im just trying to protect my relatives living situation as much as possible, although i admit, it complicates things fir me.
I also though about signing house over to him, but lawyer said that's fraud and i cant declare bankruptcy for 4 years after that and the prospect of dealing with creditors for that long, doesn't sound appealing to me.
Whats the best way for me to preserve as much of the little money i do have and not screw my relative or is it one or the other?
Any help is appreciated.
Comment