Posted on: 29th Nov, 2008 05:22 am
Hi,
I hope someone can please help.
I am 58 yrs old permanently disabled (Work-comp injury) 10 years.
I was divorced in 2004 (Colorado) my ex-husband had an open check book for the divorce. He took several credit cards out in my name and I was informed by legal that I must assume responsibility of the outstanding bills. I did.
Now I am being sued by three collections agency. (Wyoming).
I have since settled with work comp and have purchased a house.
I want to protect my house and want to quit claim my house to a relative. And they will then quit claim it back to me and I not record it.
Is this the right way to go about protecting my only asset. I have no way of making a living due to this disability.
Please can some one help me.
Calliejo
I hope someone can please help.
I am 58 yrs old permanently disabled (Work-comp injury) 10 years.
I was divorced in 2004 (Colorado) my ex-husband had an open check book for the divorce. He took several credit cards out in my name and I was informed by legal that I must assume responsibility of the outstanding bills. I did.
Now I am being sued by three collections agency. (Wyoming).
I have since settled with work comp and have purchased a house.
I want to protect my house and want to quit claim my house to a relative. And they will then quit claim it back to me and I not record it.
Is this the right way to go about protecting my only asset. I have no way of making a living due to this disability.
Please can some one help me.
Calliejo
If you did not sign the credit card contracts, you are not liable for the debts.
I would not do the quitclaim transfer. If you want to protect your asset, put it into a trust or a corporation.
I would not do the quitclaim transfer. If you want to protect your asset, put it into a trust or a corporation.
Hi Calliejo!
Welcome to forums!
Signing a quitclaim deed now may be taken as a fraudulent transfer. I would suggest you not to go for it. Rather I think you should follow jheard's opinion of putting the property in a trust. I think that will save your property. As far as credit card debts are concerned, I agree with Jheard that if you have not signed for them, you will not be made responsible for the debts.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Signing a quitclaim deed now may be taken as a fraudulent transfer. I would suggest you not to go for it. Rather I think you should follow jheard's opinion of putting the property in a trust. I think that will save your property. As far as credit card debts are concerned, I agree with Jheard that if you have not signed for them, you will not be made responsible for the debts.
Feel free to ask if you have further queries.
Sussane
