Posted on: 21st May, 2009 09:20 am
My wife & I are planning to file ch 7 bankruptcy but I discovered she was placed on the deed to her mothers house without her knowledge. This was done only to avoid issues once she’s deceased & all payments have been made solely by the homeowner. We can provide proof of this. She has not lived there since this was done and I’m questioning whether this will be a problem because there is equity in the home. After much research I’m confident we pass all of the tests for filing.
She is fine with being taken off of the deed but we do not want them to go after her mothers home if/when we file. Thanks in advance for your answer.
She is fine with being taken off of the deed but we do not want them to go after her mothers home if/when we file. Thanks in advance for your answer.
hi jmhenning!
welcome to forums!
as you have mentioned that there is equity in the property, it can pose a problem when you file chapter 7 bankruptcy. the bankruptcy trustee may sell off the property to pay the creditors. removing your wife's name from the property now won't be a good option. if she removes her name from the property deed, she will not be able to file bankruptcy for at least a year.
i would suggest you to contact your bankruptcy attorney and take his/her opinion in this regard.
feel free to ask if you have further queries.
sussane
welcome to forums!
as you have mentioned that there is equity in the property, it can pose a problem when you file chapter 7 bankruptcy. the bankruptcy trustee may sell off the property to pay the creditors. removing your wife's name from the property now won't be a good option. if she removes her name from the property deed, she will not be able to file bankruptcy for at least a year.
i would suggest you to contact your bankruptcy attorney and take his/her opinion in this regard.
feel free to ask if you have further queries.
sussane