Posted on: 20th Sep, 2009 10:08 am
i am filing chapter 7 and am on the deed to our house with my wife. the mortgage is in her name only. is it prudent for me to do a quit claim?
Hi donald!
Welcome to forums!
You have mentioned that you would be filing Chapter 7 bankruptcy. In such a situation if you transfer the property, it can be considered as a fraudulent act. The bankruptcy trustee will have the right to negate the transfer and consider it as one of your assets. If you transfer the property now, you will have to wait for at least one year before filing bankruptcy.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You have mentioned that you would be filing Chapter 7 bankruptcy. In such a situation if you transfer the property, it can be considered as a fraudulent act. The bankruptcy trustee will have the right to negate the transfer and consider it as one of your assets. If you transfer the property now, you will have to wait for at least one year before filing bankruptcy.
Feel free to ask if you've further queries.
Sussane
sussane is correct
if you are in the bankruptcy process and do a quit claim deed that may be a read flag
if you are in the bankruptcy process and do a quit claim deed that may be a read flag