Posted on: 22nd Jan, 2008 01:24 pm
me and my wife bought a house together and due to business loss on my part, i am forced to file bankrupt, if i file a quit deed in my wifes name can my creditor come after the house? and will my wifes credit in her name be damaged in the process? in addition i would like to know how?
Welcome to the forum sevenleighton,
I am sorry to hear that you are having a difficult time right now.
I would recommend that you pose the deed question to your attorney. Here's why - in most all cases, when you transfer property right before filing BK, it is considered a fraudulant conveyance. In a nutshell - they view the quit claim as a way to exclude an asset which should rightfully be declared in the BK.
Your wife's credit is complicated as well. If she is on any joint accounts that you need to include, she may also need to file. You may have the option to exclude the joint accounts from the BK. That will depend on your state and the type of BK you file. Again, I would pose that question to your BK attorney.
I am sorry to hear that you are having a difficult time right now.
I would recommend that you pose the deed question to your attorney. Here's why - in most all cases, when you transfer property right before filing BK, it is considered a fraudulant conveyance. In a nutshell - they view the quit claim as a way to exclude an asset which should rightfully be declared in the BK.
Your wife's credit is complicated as well. If she is on any joint accounts that you need to include, she may also need to file. You may have the option to exclude the joint accounts from the BK. That will depend on your state and the type of BK you file. Again, I would pose that question to your BK attorney.
Hi sevenleighton,
Welcome to the forum.
If you quitclaim the house to your wife just before filing BK, it may be considered as a fraudulent act and legal action may be taken against you. So be aware of it.
If the debt is a secured one against the property then your creditor may come after the house even after quit claim.
Hope you will help people as much as possible.
Best of luck,
Larry
Welcome to the forum.
If you quitclaim the house to your wife just before filing BK, it may be considered as a fraudulent act and legal action may be taken against you. So be aware of it.
If the debt is a secured one against the property then your creditor may come after the house even after quit claim.
Hope you will help people as much as possible.
Best of luck,
Larry
Hi sevenleighton,
If you have a mortgage on the home then you will most likely be able to keep it. As far as your wife's credit goes, it will not be affected if you file bankruptcy in just your name. Of course, talk with an attorney but I don't think you have to worry about these two issues. I know for sure that your wife's credit will not be effected.
If you have a mortgage on the home then you will most likely be able to keep it. As far as your wife's credit goes, it will not be affected if you file bankruptcy in just your name. Of course, talk with an attorney but I don't think you have to worry about these two issues. I know for sure that your wife's credit will not be effected.
If you have a mortgage on the home then you will most likely be able to keep it. As far as your wife's credit goes, it will not be affected if you file bankruptcy in just your name. Of course, talk with an attorney but I don't think you have to worry about these two issues. I know for sure that your wife's credit will not be effected.
Thats true. What could they possibly come after if you have a mortgage? They certainly aren't going to take it over! No, it cannot effect her credit in any way whatsoever unless she was a cosigner...
How much debt are we talking?
Thats true. What could they possibly come after if you have a mortgage? They certainly aren't going to take it over! No, it cannot effect her credit in any way whatsoever unless she was a cosigner...
How much debt are we talking?