Posted: Tue Apr 14, 2009 3:02 pm Post subject: Can I file chapter 7 after quitclaiming property ownership?
Hi. This is my first posting. I have been separated fr. my husband since June last year. I took 1/2 bills (credit cards in my name) and he kept ones in his name. I cannot afford to pay them and am several months late. I didn't want him and my 20 year old daughter to have to find another place to live, so our separation agreement has where he now owns the house. (I also gave up most everything --furniture, accessories, etc. )My ? is, I want to file bankruptcy since I am earning below poverty level and cannot make the payments, and barely my rent/expenses. I heard that since we did a quick claim deed to give up my ownership of the house, that I cannot file a chap.7 since that could be considered fraudulent, although I gave up all equity in the house--(out of guilt--since I was the one who left). Does anyone know if this is true? Thank you very much for your time!Grace
If you file Chapter 7 now, then the transfer of the property will be considered as a fraudulent one. You will be able to file bankruptcy after one year has passed since you transferred the property. I would suggest you to wait till June, 2009 and then file bankruptcy.
Thank you Sussane,
I am filing for bankruptcy because, even after I went to a credit councelor (sp?) to consolidate my debts, the total of what they came up with after negotiating w/ creditors far exceeded my income. But I will check out the link you provided to see if their are any other options. Thanks so much for your reply.
Grace
You are most welcome Grace If you have further queries regarding mortgage or other financial issues, do post in the forum. The members/experts participating here will help you with their opinion.
Lulu Guest
Posted: Wed May 06, 2009 4:57 pm Post subject: Bankruptcy
my husband and i are separated now for a year. he does not reside in our home which i occupy with our 3 children and the house is in his name only. Im on the deed. He is considering filing bankruptcy. Will I have to move out with my children if he does this?
If the property and mortgage is in your name solely, then your estranged husband's filing bankruptcy won't effect you. _________________ Procrastination is the enemy of your financial sucess
antiquelover48
If you have further queries regarding mortgage or other financial issues, do post in the forum. The members/experts participating here will help you with their opinion.
