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What can happen if you file bankruptcy and you own a home?

Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

mrm_80

Here is a good articla on Bankruptcy. This may give you some more info

http://www.mortgagefit.com/bankruptcy.html

Check it out

Good luck and feel free to ask

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mrm,

I don't think a quitclaim deed would help you in any way. If you file a quitclaim deed and transfer the property to your mother, you will not be able to file bankruptcy within a year. If you do so, the bankruptcy trustee can consider this as a fraudulent transfer. I would suggest you to contact a bankruptcy attorney and take his opinion in this regard.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can i file bankruptcy if i already had one eight years ago

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can i file bankruptcy if i own a home

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To roma,

If 8 years have passed since you filed a bankruptcy, then you can file another bankruptcy now. You should contact your bankruptcy attorney and discuss your case in details with him. He will let you know which chapter of bankruptcy is best suited for you.

To duffy,

You'll be able to file bankruptcy if you have a property. Why are you planning for bankruptcy? Is it because of your property?

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

suyog's picture
suyog | Joined: September 23, 2009 02:08 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If,after determining the unencumbered equity of your you find that you do have substantial equity, the next step is to see if you can protect it in a [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url] by using the homestead exemption or by using a wildcard exemption.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

just stopping by to see what suyoq had to say on this

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:07 | Post subject:

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