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Income calculations for trustee

I am facing bankrutcy .What sources of income do you have to declare to a trustee. I am retired and have pension income. Five years ago I sold my house to my son. I still live in the house with my son and his family.Instead of getting a mortgage he would pay me 700 a month.He is the legal owner of the house.I have a couple questions . When I declare bankruptcy will it cause problems for my son in any way. He has a number of valuable antiques in the home.He has no liabilty for any of my debt. Can the creditors take his belongings because we live in the same ? Are the loan payments I receive classed as income .

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One Response to “Income calculations for trustee”

A licensed trustee said...

If you file an assignment in bankruptcy you are required to disclose ALL of your sources of income, including the payments from your son. It may be that your trustee will simply treat it as extra income every month or your trustee may treat the total amount due to you as an asset. I strongly suggest you make certain that your trustee is aware of this issue before you file your assignment. If you don’t know how they are going to treat this transaction you could be in for a very unpleasant surprise.

I have a question for you: if your son went to the bank and arranged a proper mortgage to pay you what he still owes you for the house, would you still need to be considering an assignment in bankruptcy? There may be some alternatives for you to consider – again, this is something to discuss in detail with your trustee before you sign and documents.