Quitclaim prior to bankruptcy - How does it affect?

Hi,

Was the quitclaim deed notarized by a notary public? If it was, then I believe the deed is still legally valid even though it was no recorded. In such a case, I think the non-recorded deed can stand up in the bankruptcy court. However as the attorney had told you, this is a very strange situation and needs legal interpretation. Thus, getting help of an experienced attorney is the best option for you.

hi- my husband and i were divorced two years ago. our home was in both of our names. he signed a quit claim deed giving it to me. the problem: the mortgage was in his name only. we agreed that since i am unable to obtain a mortgage on my own i would continue to make the payments on the existing mortgage (i his name). now he is filing for chapt 7 bankruptcy. will i lose the house? i am current on the mortgage payments. thanks.

my husband had filed for chapter 7 bankruptcy, we have been seperated for a year and i plan on filing for divorce. we own a home joint with both our names. during seperation he stayed in the home and did not pay the mortgage, now that debt is on me. can i have him removed from the home ? the deed ? any suggestions- i want to be able to sell or rent it but he will not leave the house nor pay.

hello again, i wanted to add that i am in missouri and my email is
"vlchaffin@yahoo.com" thanks again

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i also wanted to write that I am in Maryland and my email is "eaanderson19@aol.com" please get back to me thank you.

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hi chaffin,

i don't understand why he wants to file chapter 7 bankruptcy when the payments are being made regularly. it will hurt his credit badly. however, i don't think he can list the property in his list of assets as he is no longer the legal owner of the property. but when he signed the deed is very important as any such transfer 1 year prior to filing bankruptcy can be considered invalid.

thanks,

jerry

Hi jingle,

To remove your husband you need to get a quitclaim deed signed by him whereby he would give up his interest in the property to you. But that doesn't seem to be possible. As he is on the title, there is no way you can remove him from there unless he signs his interest willingly to you.

Thanks,

Jerry

Hi Sheela,

As much as I know, any transfer within 1 year prior to filing bankruptcy would be considered as invalid. Thus, I don't think transferring the home to your mother in law at this point in time will be possible. However, you can consult the bankruptcy attorney you are seeing to file bankruptcy, and get his view on this kind of transfer.

My husband and I owe a house. He is the only one on the loan however I am on the deed. When he refinanced in 2006 they forgot to remove my name from the deed. I am considering filing chapter 7 bankruptcy. Can he remove my name from the from the deed. I am filing bankruptcy April 2009.

Hi Guest,

If he tries to remove your name from the deed now, it can be considered as a fraudulent transfer. Moreover, as far as I know, you will not be able to file bankruptcy within 1 year of this property transfer. I would advise you and your husband to consult a bankruptcy attorney before making any transfer.

By the way, why are you planning to file bankruptcy? There are various ways to avoid filing bankruptcy. You can check them out in the following link:
http://www.mortgagefit.com/bankruptcy/avoid-bankruptcy.html

In the cases of bankruptcy, he is entitled to keep the house, 10k , and a car, so I don't think it's a good idea to have him deed the house to you because this can be seen as an attempt to hide assets, which is a big no no.

I am going to get divorced in the next couple of months. I am on the title of our condo but I did not sign for the loan. I live in Illinois and it's a community property state. What can I do to avoid being held responsible for the house after we're divorced?

Hi Julie!

Welcome to forums!

If you do not want the property, you can sign a quitclaim deed in the name of your spouse. This will transfer the property to your spouse and thus you will not be held responsible for the property anymore. It will become your spouse's separate property.

Sussane

Three years ago we did our mom a huge favor. My husband and I refinanced our home and purchased the rental home my mom was living in, as an investment, and to assure her living arrangements. Well my mom has decided in these horrendous economic times to move out and rent another property. Nice loving Mormon family right. We are under-water(who is not in Vegas) about 50,000$ in the rental home. My question, should my husband quit claim me the property, divorce me and I let the property go into foreclosure, under my name so his good credit is not threatened? and we do not lose our primary residence to the lenders. Desperate times conjures up difficult decisions. Perhaps someone out there can share some thoughts, advice...thank you..( we have been married for 29 years)