Do I have to tell them that asset if my name is on the deed but I am divorced, he pays the mortgage and I do not live there? 22 Answers as of August 31, 2015

I am filing bankruptcy.

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Yes..... and "they" will find out any ways. If you are ever confused about to disclose, disclose it. Failure to disclose everything can cost you your discharge. When you list it, explain that he lives there and makes the payments. Never omit anything.
Answer Applies to: California
Replied: 3/30/2015
EDWARD P RUSSELL | EDWARD P RUSSELL
If your name is on the deed it is your asset and you are required to list as an asset on the bankruptcy schedules. You can list the mortgage which will reduce your equity in the home.
Answer Applies to: Minnesota
Replied: 3/27/2015
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
That would be a yes.
Answer Applies to: Colorado
Replied: 8/31/2015
Stephens Gourley & Bywater | David A. Stephens
You should list this as an asset in which you have an equitable interest.
Answer Applies to: Nevada
Replied: 3/26/2015
LAW OFFICE OF MARGARET L. EVANS, PC
LAW OFFICE OF MARGARET L. EVANS, PC | Margaret L. Evans
YES, whenever in doubt, DISCLOSE, DISCLOSE, DISCLOSE!! You can't get into trouble for "over disclosing" - only NOT disclosing. You must report it on both Schedule A (real property) and the STATEMENT OF FINANCIAL AFFAIRS (SOFA) / question #14 (property held for another person). You should BRIEFLY explain the facts regarding that title to real property
Answer Applies to: South Carolina
Replied: 3/26/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You MUST disclose if your name is on the deed, then it is your asset regardless of the bankruptcy. Whether you live there or not is irrelevant in consideration of ownership. And if there is equity in that property then it is likely that the trustee will seize your half of the equity if you file a bankruptcy since you do not reside there and are therefore not entitled to a homestead exemption.
    Answer Applies to: New York
    Replied: 3/26/2015
    Freeman Law Group, LLC
    Freeman Law Group, LLC | Derek Freeman
    You are required to list all debts and all assets. Even if you don't live in the house, it is your asset and you must list it. This will probably cause major problems with your ex-spouse. Since you don't live in the house, you are not entitled to the homestead exemption, which means that any equity you have in the house is non-exempt and can be seized in a bankruptcy. This means that the home will be sold and your portion of the equity will be used to pay your creditors. Not a good situation for him. If you qualify for a chapter 13, you can avoid this outcome, but it's something you need to consider carefully.
    Answer Applies to: Colorado
    Replied: 3/26/2015
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    If you file for bankruptcy you MUST disclose ALL assets, debts, income and expenses. You must answer all questions truthfully under penalty of perjury under the federal laws. If your name is on an asset then it must be disclosed. In my opinion you should see a knowledgeable local bankruptcy attorney before you file. This is a complex area of the law that many attorneys won't touch and you could be causing more problems for yourself if it isn't done thoughtfully.
    Answer Applies to: California
    Replied: 3/26/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    I never know who them is, but if you are filing bankruptcy, you must tell the truth, the whole truth and nothing but the truth. If you are on the deed or if your divorce says you have an ownership interest in the real estate, you must disclose this on your bankruptcy paperwork. Can't imagine why you would think any differently.
    Answer Applies to: Nevada
    Replied: 3/26/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Yes. I respectfully suggest that you hire an experienced bankruptcy attorney to represent you. There are a number of pitfalls that a skilled lawyer can help you avoid. Good Luck.
    Answer Applies to: Wisconsin
    Replied: 3/26/2015
    R. Steven Chambers PLLC | R. Steven Chambers PLLC
    Yes, with the explanation you gave in your question.
    Answer Applies to: Utah
    Replied: 3/26/2015
    The Law Office of M Grater LLC
    The Law Office of M Grater LLC | Mark O. Grater
    Yes, you must list all your assets otherwise it could be perjury.
    Answer Applies to: Connecticut
    Replied: 3/26/2015
    Ronald K. Nims LLC | Ronald K. Nims
    Yes, the bankruptcy petition is filed under oath and failure to disclose an asset can get you prosecuted for perjury and/or bankruptcy fraud. As long as your name is on the deed, it's legally your asset. Not that I'm giving a Bankruptcy Fraud 101 course here, but it's a really, really bad idea to omit assets that have a paper trail. Real estate records, car titles, that Rolex that's on your homeowners insurance policy for $10,000, if your tax return shows $500 of interest and you don't report any investments, etc. Committing bankruptcy fraud is always a bad idea, but doing it with this type of assets is like robbing a bank with a note written on the back of your business card. The FBI investigates bankruptcy fraud, they may not be smarter than you but they have decades of experience. What you might think is a foolproof idea that no one has ever tried before is probably in the first chapter of the FBI's instruction manual. If you think you're in a world of hurt because you've got money problems, try committing bankruptcy fraud and then you'll have criminal problems and you'll find a whole new level of pain.
    Answer Applies to: Ohio
    Replied: 3/26/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    Yes, you should report the property on schedule A, but you could also provide the trustee a copy of your divorce decree which gives your ex-spouse the property so that it is clear that it is no longer yours. Include a brief explanation on schedule A. If you are still a party to the mortgage, you will need to list that debt on schedule D and indicate that you are surrendering your interest in the house. You might also need to list your ex on Schedule H as a co-debtor. Finally, look carefully at the questions on the Statement of Financial Affairs to see if you need to report the property settlement in the divorce.
    Answer Applies to: Oregon
    Replied: 3/26/2015
    The Law Offices of Ryan F. Beach, PLLC
    The Law Offices of Ryan F. Beach, PLLC | Ryan Beach
    You must disclose all assets that you have an ownership interest in. If your name is on a deed you have an ownership interest in the real estate.
    Answer Applies to: Michigan
    Replied: 3/26/2015
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Yes full disclosure in bankruptcy always.
    Answer Applies to: New York
    Replied: 3/26/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Speak with your attorney, or get one. You would not like to be prosecuted for bankruptcy fraud and denied a discharge.
    Answer Applies to: Michigan
    Replied: 3/26/2015
    Danville Law Group | Scott Jordan
    Yes. If your name is on the deed, you are an owner of the property. You may also explain the circumstances. However, if you don't want him to lose the property or at least get harassed by the trustee, you should have your name removed from the deed.
    Answer Applies to: California
    Replied: 3/26/2015
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    If your name is on title you own it and must disclose it. If it was given to ex in decree you need to do a quitclaim deed and get it out of your name.
    Answer Applies to: Nevada
    Replied: 3/26/2015
    John W. Lee, PC
    John W. Lee, PC | Kim A. Lewis
    Yes. You must disclose all assets you have an ownership interest in at the time of filing.
    Answer Applies to: Virginia
    Replied: 3/26/2015
    Marc S. Stern
    Marc S. Stern | Marc S. Stern
    Yes. You need to listing EVERYTHING that you own, have a right to, or might think you have a right to.
    Answer Applies to: Washington
    Replied: 3/26/2015
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Yes. You have to disclose all assets and sign the petition under penalty of perjury that all assets are disclosed. It does not matter if you live there or if you do or do not make the payments. Failure to disclose all assets, whether wholly in your name or with others is perjury and is a basis for denying you a discharge.
    Answer Applies to: California
    Replied: 3/26/2015
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