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 harrington1321
Joined: 22 Jul 2008
Posts: 5
2.35 Dollars($)
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 Posted: Tue Jul 22, 2008 5:51 am Post subject: Will Quick Claim Deed Protect by ex husbands house if I file |
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Will Quick Claim Deed Protect by ex husbands house if I file for Bancruptcy?
My name is still on my ex husbands house as well as the mortgage. We have been divorced for 9years. By filing a quick claim deed taking my name off the property protect his house if I should file for bankruptcy? Also how will that effect the mortgage. He is current on the mortgage and has been making all payments since our separation |
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Niicss
Joined: 03 Oct 2005
Posts: 1018
151.63 Dollars($)
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| Posted: Tue Jul 22, 2008 5:58 am Post subject: |
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Welcome harrington.
Quitclaim deed is not needed here and if you transfer the property to him then it may be considered as a fraudulent conveyance. So even if you quitclaim the property then take advice from an attorney. By the way, are you filing chapter7 or chapter13?
_________________
Good is the Enemy of Great. |
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harrington1321
Joined: 22 Jul 2008
Posts: 5
2.35 Dollars($)
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| Posted: Tue Jul 22, 2008 6:11 am Post subject: Quick Claim Deed |
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| What is fradulent conveyance? I am not sure which way I will be filing or if I will be filing. I just don't want him to loose his house because of my credit problems. |
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Niicss
Joined: 03 Oct 2005
Posts: 1018
151.63 Dollars($)
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| Posted: Tue Jul 22, 2008 6:19 am Post subject: |
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Hello.
It is not right to transfer any property before you file bankruptcy. And again as your ex-husband is also the joint owner of the property, it should be affected because of the bankruptcy but you have tell us whether you are filing chapter7 or chapter13?
_________________
Good is the Enemy of Great. |
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harrington1321
Joined: 22 Jul 2008
Posts: 5
2.35 Dollars($)
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| Posted: Tue Jul 22, 2008 6:23 am Post subject: Quick Claim Deed |
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| Ok.Like I said I am not sure which I will be filing, i am just starting the process of looking into it as an option, not a definite solution to my problems. Thank you for your help though. |
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harrington1321
Joined: 22 Jul 2008
Posts: 5
2.35 Dollars($)
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| Posted: Tue Jul 22, 2008 6:32 am Post subject: quick claim deed |
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| What is the difference between CHapter 7 and 13? |
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Niicss
Joined: 03 Oct 2005
Posts: 1018
151.63 Dollars($)
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| Posted: Tue Jul 22, 2008 6:44 am Post subject: |
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Hello.
Chapter 7 and 13 are the two most common form of bankruptcy. But in chapter 13 you can pay off your due debt through a repayment plan but in chapter7, all your properties will be sold to pay off your debts. Although under the Federal Law there are some exempt properties which will not be sold. But chapter7 hurts your credit report more than chapter13 and you will not be approved for any loan or mortgage for 2 years after chapter7 gets discharged and fir chapter13 the time limit is 1 year. Check out whether you qualify for Bankruptcy Chapter 7 or 13 at http://www.mortgagefit.com/bankruptcy/chapter7-chapter13.html
Hope this helps. Let me know if you have any further queries.
_________________
Good is the Enemy of Great. |
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harrington1321
Joined: 22 Jul 2008
Posts: 5
2.35 Dollars($)
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| Posted: Tue Jul 22, 2008 6:59 am Post subject: Quick Claim Deed |
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| Thank you so much for your help and advice. It has been very helpful. |
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