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deeda55 · Joined: 01 Oct 2009 Posts: 1 1.33 Dollars($)

I am thinking about filing chapter 7 in Florida. My wife has a home in PA in her maiden name which is rented out and her parents take care of managing. She wants to deed this property to her parents who need the income from the property before filing chap 7. Is this possible to do and will this remove the house as an asset before filing?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

That may raise some red flags

Best option is to consult a bankruptcy attorney

They will be able to to provide you soem good legal options

smithsussane · Posted: Thu Oct 01, 2009 7:56 pm Post subject:

Hi deeda!

Welcome to forums!

If the property is solely in your wife's name and if you are planning to file Chapter 7, then it won't be considered as your property. Your wife can simply transfer the property to her parents. However, if your name is on that property, then this transfer would make you ineligible for filing bankruptcy for the next 1 year. If you do so, then the property transfer would be considered as a fraud.

Feel free to ask if you've further queries.

Sussane

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thats absolutely correct

There shoudl nto eb any issue if the property is already in yoru wifes name (Do nto transfer it to her name now, if it already in both of your names)

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and bankruptcy