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My mother signed a Quit-Claim Deed to pass her home to me (reserving a life estate). She now wants to change that to pass the home to my son and his wife since they are now living with her and taking care of her.

My question is that I have been out of work for some time and need to file bankruptcy on my credit card debt. I am told that I will need to wait 2 years after my Mother changes the Quit-Claim Deed before I can file bankruptcy so that her home is not included. Is this correct?

adonis · Posted: Tue Jan 25, 2011 9:41 pm Post subject:

Hi MGConn,

It is true that if you transfer the property to someone else, you won't be able to file bankruptcy immediately. If you file bankruptcy now, it can be considered as fraudulent and you can be penalized for the same.

Guest

my brother and i co-own a home in ms. i home ga where i currently reside is headed into foreclosure. i would like to know if i can avoid the mortgage company in ga. from taking my half the house in mississippi by quickclaim deeding it to my wife?

jameshogg · Posted: Sun Jan 30, 2011 11:47 pm Post subject:

Hi kennedy,

You can transfer your present property in Mississippi to your wife in order to safeguard it from your creditors.

Thanks

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