Posted on: 26th Oct, 2010 02:03 pm
I AM FACING FINANCIAL ISSUES AND WOULD POSSIBLY FILE BANKRUPTCY. BUT NOT INVOLVE MY HUSBAND. IF I REMOVE MY NAME FROM THE HOUSE DEED (IT IS THE ONLY THING IN BOTH OUR NAMES) WILL HE NOT BE AFFECTED?
Hi ILUVPHILS,
If you file bankruptcy alone, then your husband's credit won't be affected due to it. However, if you transfer the property in your husband's name now, you won't be able to file bankruptcy immediately. You will have to wait for at least a year after property transfer and then file bankruptcy or else the property transfer will be considered as fraudulent.
Thanks
If you file bankruptcy alone, then your husband's credit won't be affected due to it. However, if you transfer the property in your husband's name now, you won't be able to file bankruptcy immediately. You will have to wait for at least a year after property transfer and then file bankruptcy or else the property transfer will be considered as fraudulent.
Thanks
ok, but will it keeep the creditors from putting a lien on the property?
Hi ILUVPHILS,
If you sign a quitclaim deed and transfer the property to your husband, your creditors won't be able to place a lien on your property. However, transferring property just before bankruptcy filing will be considered as fraudulent.
If you sign a quitclaim deed and transfer the property to your husband, your creditors won't be able to place a lien on your property. However, transferring property just before bankruptcy filing will be considered as fraudulent.