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Property interest transfer

Posted on: 03rd Mar, 2009 01:06 pm
my husband and i are considering filing for bankruptcy due to a loss of employment. my husband's mother put my husband's name on her deed when she purchased her home in south carolina. she's 82 and she didn't want any proplems with him getting the home after she passes. my husband is an only child. we had nothing to do with the purchase of this property. the funds used were from the sale of my mother in law's home in florida that my husband's name was not on. when we seached the tax record's in south carolina it only shows my mother in law as the owner of the property however, my husband's name appears on the deed. my mother in law is granted a elderly tax deduction on this property. my question is this, do we need to do a quit claim deed to get my husband's name off the deed and if so, what type of titling do we use so the property goes to my husband upon her death? we want to make sure her home does not come into play as an asset belonging to us if we decide to go through with the bankruptcy filing. your assistance is appreciated!
hi ann,

a quitclaim deed within one year prior to filing bankruptcy may not be possible. any such transfer can be considered 'fraudulent' and thus, can be reversed. the creditors can also sue the grantor for such fraudulent transfer.
Posted on: 03rd Mar, 2009 11:17 pm
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