Posted on: 29th Oct, 2009 01:40 pm
Me and my husband both on deed (Illinois) ,he stop paying bills and I want divorce
I will have to file chapter 7 ,I want also transfer my share of interest in the property
To another individual.
What comes first bankruptcy ,divorce or quitclaim?
I will have to file chapter 7 ,I want also transfer my share of interest in the property
To another individual.
What comes first bankruptcy ,divorce or quitclaim?
Hi azuk!
Welcome to forums!
Transfer of property just before bankruptcy would be considered as a fraud by the bankruptcy court. The trustee can cancel the transfer and consider the property as a part of your estate. Once you quitclaim the property to someone else, you need to wait for at least a year and then file bankruptcy.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Transfer of property just before bankruptcy would be considered as a fraud by the bankruptcy court. The trustee can cancel the transfer and consider the property as a part of your estate. Once you quitclaim the property to someone else, you need to wait for at least a year and then file bankruptcy.
Feel free to ask if you've further queries.
Sussane
why would you wish to transfer your share of the property to a separate individual? for haha's, for some gain, for spite? it's only the type of move that would muddy up the waters, so i can't believe there'd be any real benefit to you from doing so.
