Posted on: 13th Dec, 2007 12:40 pm
hello, i currently have two home one is for income rental and the other is where i stay. i'm in deep debt at times i have to dip into my retirement fund i'm thinking in turn of filing bankruptcy. if i quit deed my rental property to my son and wait 2 years would it be okay to file for bankruptcy?
Hello Dents,
If you are filing bankruptcy Ch 13, that will not include your assets and properties but if you are going for Ch 7 then your assets will be liquidated to pay off your debts.
Do you want to wait for 2 years after quit claiming the property in order to avoid fraudulent conveyance? But in some states it could be up to 5 years before filing bankruptcy that transfer of ownership rights to property might be considered fraud.
I think it will be better if you consult an attorney to know about the law of your state.
If you are filing bankruptcy Ch 13, that will not include your assets and properties but if you are going for Ch 7 then your assets will be liquidated to pay off your debts.
Do you want to wait for 2 years after quit claiming the property in order to avoid fraudulent conveyance? But in some states it could be up to 5 years before filing bankruptcy that transfer of ownership rights to property might be considered fraud.
I think it will be better if you consult an attorney to know about the law of your state.
What type of debts do you have?
If you have unsecured debts you may go for debt consolidation instead of filing bankruptcy. Because bankruptcy has damaging effects on your credit and it will show on your credit report for as long as 7 years.
If you quit claim your property before filing bankruptcy in order to save it, that might be considered as a fraudulent conveyance, as Jenkin has already stated. But your state laws may vary and you should consult a bankruptcy attorney before filing.
If you have unsecured debts you may go for debt consolidation instead of filing bankruptcy. Because bankruptcy has damaging effects on your credit and it will show on your credit report for as long as 7 years.
If you quit claim your property before filing bankruptcy in order to save it, that might be considered as a fraudulent conveyance, as Jenkin has already stated. But your state laws may vary and you should consult a bankruptcy attorney before filing.
Hi Dents,
Welcome to this forum.
Bankruptcy should be the last option you choose. You should take to your lender and try to find out some alternative repayment options forbearance and mortgage modification etc.
Only if you cannot afford any options then you can think about BK but this will damage your credit hugely. Your credit score will drop 300 to 400 points and it will be shown for 7 years on your credit report.
Quitclaim the property to your son is not an option. it can be counted as an fraudulent action rightly mentioned by Jenkin and Niicss. So before filing BK consult with your attorney.
Thanks,
Larry
Welcome to this forum.
Bankruptcy should be the last option you choose. You should take to your lender and try to find out some alternative repayment options forbearance and mortgage modification etc.
Only if you cannot afford any options then you can think about BK but this will damage your credit hugely. Your credit score will drop 300 to 400 points and it will be shown for 7 years on your credit report.
Quitclaim the property to your son is not an option. it can be counted as an fraudulent action rightly mentioned by Jenkin and Niicss. So before filing BK consult with your attorney.
Thanks,
Larry
Hi!
My Mom is looking into filing Bankruptcy and we have property that is jointly owned between my mom, my dad (who are no longer married)_ and myself. If she files chapter 7 (FLORIDA), can they liquidate assets that are shared? The land is also my da'ds primary residence!
Very Concerned!
RJ
My Mom is looking into filing Bankruptcy and we have property that is jointly owned between my mom, my dad (who are no longer married)_ and myself. If she files chapter 7 (FLORIDA), can they liquidate assets that are shared? The land is also my da'ds primary residence!
Very Concerned!
RJ
Hi jojo,
If your mother does not include the joint property in bankruptcy, then it will not be affected. If she includes the property in bankruptcy, the bankruptcy trustee will sell off the property and pay off the creditors.
Thanks,
Jerry
If your mother does not include the joint property in bankruptcy, then it will not be affected. If she includes the property in bankruptcy, the bankruptcy trustee will sell off the property and pay off the creditors.
Thanks,
Jerry
i live in ohio. what is the timeframe between filing a quitclaim real estate deed and bankruptcy to avoid a legally 'fraudulent' action?
hi michcosg,
as far as i know, any transfer through quitclaim deed 1 year prior to filing bankruptcy is considered to be a fraudulent transaction.
as far as i know, any transfer through quitclaim deed 1 year prior to filing bankruptcy is considered to be a fraudulent transaction.
I own a piece of property which is paid for. I have 1 credit card $20,000.00 that is my ex husbands debt. He has been paying on the card, but just lost his job and now can't make the minimun payments. I live in Australia and have no income here. What can I do? Can they take my property? I have had it on the market for 2 years and it hasn't sold.
what is period that bank and ask for bankruptcy?
Hi,
To jlp,
If the property is solely in your name and if the credit card debts are solely in the name of your husband, then his creditors will not be able to come after your property.
To gillb,
Your query is not clear to me. Can you please explain?
To jlp,
If the property is solely in your name and if the credit card debts are solely in the name of your husband, then his creditors will not be able to come after your property.
To gillb,
Your query is not clear to me. Can you please explain?