Confession time…A friend of ours is writing a piece about Financial Infidelity for Cookie Magazine. After speaking with her, I was curious to know if any of you Mom Snobs hide purchases from your husband. I pay cash for some things, but outside of that my hubby and I are relatively honest. Yes, call me a Goody Two Shoes! So for a naive Mom Snob, anyone want to share the tips, tricks, or deepest secrets? Does is get worse for the holidays? Is it a gateway to other forms of infidelity? Post your comments in the Mom Snobs section of our forum or leave them here in the comments.
If the owner of the property is the bankrupt’s sole or principal residence, the Trustee in Bankruptcy has a three-year period in which to sell the property or apply to the Court for an Order for Possession or Sale, or secure the interest. If the Trustee in Bankruptcy does not take this action by the expiry of the time limit, the property will automatically re-vest in the bankrupt. The three-year period runs from the date of the bankruptcy order or the date on which the Trustee in Bankruptcy was informed of the interest in the property, whichever is later.
Chapter 7 bankruptcies happen when someone has been struggling with their debt load but there still might not have enough cash flow coming in to handle both living expenses as well as all those pesky bills at once; Chapter 13 bankruptcies on the other hand allow individuals who want to keep some assets (especially home equity) while paying back what they owe slowly by making installment plans which will last several years before it’s considered “paid”.
Issues regularly arise when a Trustee wants to realise the value in a home that is jointly owned by the bankrupt and his/her partner or spouse. Where the property is jointly owned the interests of the creditors become paramount after the period of one year from the date of bankruptcy. In the absence of exceptional circumstances, interests of the creditors will override the those of the bankrupt and any co-owner. Ultimately, therefore, unless the non-bankrupt partner/spouse can make an offer to purchase the bankrupt’s share, or the bankrupt and co-owner agree to voluntarily leave the property, the Trustee in Bankruptcy will have to force the matter by taking Court action for possession and sale of the property.
