Posted on: 03rd Oct, 2008 10:29 am
In our town foreclosures are rampant. My husband and I are declaring bankruptcy and including our house in the ch.7 because we have lost so much equity that we may never recover. I have been thinking of filing a quitclaim deed to put it in the name of a business or something to keep our name out of the newspaper when it all happens. Is this legal?
hi keywe!
if you quitclaim it just before declaring bankruptcy, it will be taken as a fraudulent transfer. if you quitclaim the property, you will have to wait for an year before filing bankruptcy.
feel free to ask if you have further queries.
sussane
if you quitclaim it just before declaring bankruptcy, it will be taken as a fraudulent transfer. if you quitclaim the property, you will have to wait for an year before filing bankruptcy.
feel free to ask if you have further queries.
sussane
Hi keywe!
You cannot quitclaim the property just before declaring bankruptcy. Lenders may take severe action against you. Moreover such transfers are considered as fraud transfers.
Thanks,
Jerry
You cannot quitclaim the property just before declaring bankruptcy. Lenders may take severe action against you. Moreover such transfers are considered as fraud transfers.
Thanks,
Jerry