Expert: Michael Reilly - 5/21/2011

Question
I own my condo.  I have been out of work 3 years, still cannot find a job and things are not looking good.

Since I can't find a job, have gone through 2 years of unemployment, blown through my measly 401k I've decided I MUST sell my condo.  The plus is that I am NOT underwater.  I've lived here 22 years, am not behind in my payments and could actually make a profit of maybe $40,000, MAYBE.  

My backstory is I owe taxes that I'm using a tax debt settlement company to help me with.  Please don't tell me not to because I already paid and things seem to be progressing.  The tax debt settlement man suggested signing the condo over to my dad with a Quit Claim Deed but I don't know all the legal ramifications/options or if what that means for my dad, responsibility-wise.  I haven't asked him yet if he wants to do this.

I had to have my gallbladder removed last year and ended up with medical debt.  And, like most people in my position, I couldn't afford to keep up with my credit card payments.

I spoke to a bankruptcy attorney who said I was a perfect candidate for Chap 13 and she would handle my case for the price of $1350, but my taxes need to be done first.  Hence the tax debt settlement issue.

Right now I'm living off my father, who lives in Sarasota with his new wife.  Mom is dead. He has been sending me money every month to survive on, pay my bills, but he's not a rich man and he's hoping I get out from under my condo payments, HOA payments and he can stop supporting me.

Does everything sound legit?  Does it sound like I'm handling things correctly.  Is everyone giving me correct info?  Like most people in this position I am suffering from depression/confusion and rely on support from others to make decisions.  Thankfully I have some smart, GOOD friends.

Thanks for ANY help.

Answer
Tracey, I believe the bigger issue here is your opportunity to return to work. What are your prospects for employment? With regard to the financial issues here too I have many questions to include the tax settlement group, the market value of your home and the BK attorney recommending a 13 over a chapter 7. It sounds to me like your dad is growing tired of providing support and a quick claim deed in my opinion is not the answer. If I were to answer each question this could turn into a short novel so I recommend you contact me at 888-777-5671.

Thanks
Michael Reilly, CDS/CCCS
Emerge America, LLC.
http://www.emergeamerica.com