how will a quick claim deed affect my bankruptcy

jmacias47zorro · Joined: 09 Apr 2008 Posts: 1 1.32 Dollars($)

I am planning on filing for bankruptcy because I haven't found a job in 18 months. What are the consequences if I quick claim deed to my first wife where we are still joint owners.

adonis · Posted: Wed Apr 09, 2008 9:18 pm Post subject:

welcome jmacias,

what type of bk are you planning to file? and what do you want to go for it? are you too neck deep in debt? i suggest you try for consolidation if it has got to do with your credit cards or personal loans. Moreover, you haven't got a job in the next 18 months, is it chapter 7 that you are trying to file? please think twice before you do so.

For the quitclaim, i think you should do it much before filing Bk or else the creditors will consider it as fraudulent conveyance implying that you transferred property just for the sake of keeping it safe so that the former cannot take it away just like any other asset.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi jmacias47zorro,

Welcome to the forum.

I think you should not quitclaim the property just before filing the bankruptcy because it may be considered as a fraudulent conveyance.

Are you thinking to file chapter-7 or chapter-13? I think chapter 13 will be a better option for you. Check out this article to know more about eligibility and benefits of filing chapter-13 at http://www.mortgagefit.com/bankruptcy/chapter13.html

Feel free to ask if you have any further questions.

Best of luck,
Larry

jheard · Posted: Thu Apr 10, 2008 5:47 am Post subject:

Why don't you sell your interest in the property and use the proceeds to avoid bk?

All times are GMT - 7 Hours

Page 1 of 1