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

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Icon Mini Profile mrm_80





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Post Posted: Fri Aug 07, 2009 10:01 am    Post subject: What can happen if you file bankruptcy and you own a home?
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About a year ago, I co signed on my moms home so she could refinance and now I would like to file bankruptcy how would that affect her house
Icon Mini Profile Realgeni





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Post Posted: Sat Aug 08, 2009 6:49 pm    Post subject:
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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
Icon Mini Profile adonis
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Post Posted: Mon Aug 10, 2009 12:09 am    Post subject:
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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.

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Post Posted: Mon Jan 11, 2010 12:42 pm    Post subject: bankruptcy
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can i file bankruptcy if i already had one eight years ago
duffy

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Post Posted: Mon Jan 11, 2010 12:43 pm    Post subject:
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can i file bankruptcy if i own a home
Icon Mini Profile smithsussane
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Post Posted: Mon Jan 11, 2010 10:23 pm    Post subject:
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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
Icon Mini Profile suyog





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Post Posted: Wed Jan 13, 2010 1:30 am    Post subject:
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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 Chapter 7 bankruptcy by using the homestead exemption or by using a wildcard exemption.
Icon Mini Profile gmakerley
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Post Posted: Wed Jan 13, 2010 4:48 pm    Post subject:
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just stopping by to see what suyoq had to say on this
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