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 deeda55
Joined: 01 Oct 2009
Posts: 1
1.33 Dollars($)
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 Posted: Thu Oct 01, 2009 2:14 pm Post subject: and bankruptcy |
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| I am thinking about filing chapter 7 in Florida. My wife has a home in PA in her maiden name which is rented out and her parents take care of managing. She wants to deed this property to her parents who need the income from the property before filing chap 7. Is this possible to do and will this remove the house as an asset before filing? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Thu Oct 01, 2009 6:20 pm Post subject: |
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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 |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Thu Oct 01, 2009 7:56 pm Post subject: |
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Hi deeda!
Welcome to forums!
If the property is solely in your wife's name and if you are planning to file Chapter 7, then it won't be considered as your property. Your wife can simply transfer the property to her parents. However, if your name is on that property, then this transfer would make you ineligible for filing bankruptcy for the next 1 year. If you do so, then the property transfer would be considered as a fraud.
Feel free to ask if you've further queries.
Sussane |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Thu Oct 01, 2009 8:36 pm Post subject: |
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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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