One year ago, I put my house in my daughter name. The house is payed for
and I am named as a lifetime resident. Now I owe $50,000 in credit cards
and I'm on SSI and have no assets. I want to file a chapter 7, can I do
so without losing the house or should I even bother filing. Thank's
Cindy
Brett Weiss
07-23-2003, 10:33 AM
This is an issue that may turn on your state's fraudulent
conveyance law and the circumstances of your case. I strongly
recommend speaking with an experienced bankruptcy attorney to see
if there are likely to be any problems.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************
<Heaven717@webtv.net> wrote in message
news:9883-3F1EBFBF-89@storefull-2137.public.lawson.webtv.net... One year ago, I put my house in my daughter name. The house is
payed for and I am named as a lifetime resident. Now I owe $50,000 in
credit cards and I'm on SSI and have no assets. I want to file a chapter 7,
can I do so without losing the house or should I even bother filing.
Thank's Cindy
S SAM
07-23-2003, 07:25 PM
If my understanding is correct, there is only a 1 yr lookback period
when it comes to property. In other words, you would not have to list
your house because it it more than 12 months before you transferred
it.
On Wed, 23 Jul 2003 13:02:55 -0400 (EDT), Heaven717@webtv.net wrote:
One year ago, I put my house in my daughter name. The house is payed forand I am named as a lifetime resident. Now I owe $50,000 in credit cardsand I'm on SSI and have no assets. I want to file a chapter 7, can I doso without losing the house or should I even bother filing. Thank'sCindy
Guest
07-24-2003, 09:31 AM
On Thu, 24 Jul 2003, S SAM <ssam112@aol.com> wrote:
Heaven717@webtv.net wrote: One year ago, I put my house in my daughter name. The house is payed for and I am named as a lifetime resident. Now I owe $50,000 in credit cards and I'm on SSI and have no assets. I want to file a chapter 7, can I do so without losing the house or should I even bother filing. Thank's If my understanding is correct, there is only a 1 yr lookback period when it comes to property. In other words, you would not have to list your house because it more than 12 months before you transferred it.
If relied upon, the apparently intended implication of this
here-stated "If . . ." (even though, on its face, an attempted
disavowal not just of actual "understanding" but also genuine
knowledge and responsibility!) might be seriously prejudicial.
Mr. Weiss is correct that the applicable state's "fraudlent
conveyance" statutes/caselaw can (very probably: would) be key in
light of (as he also implied) the other facts/circumstances of the
property transfer and trust provisions referred to in light of
when/how the debt referred to was incurred, and where, although the OP
did not provide anywhere suffient such information.
This is not a "sleeping dog" that ought be "kicked awake" (as might
occur by a bankruptcy filing) without (VERY) careful attention to all
the relevant facts, especially since (as the OP himself/herself noted)
the OP has not yet explained why, though supported entirely by
judgment exempt income, s/he would consider seeking bankruptcy as an
option worth attempting.
none
07-24-2003, 05:24 PM
Speak with a local bankruptcy attorney. Immediately! Most offer a free
consultation.
Heaven717@webtv.net wrote: Thank you for responding. Could you answer me in simple way so I could understand. Would it be a good idea to file or not? Do I have chance of losing the House?Should I wait longer to file? I stopped paying two charges, but I'm still paying thee. Thank's Cindy
Brett Weiss
07-24-2003, 06:42 PM
No one except a bankruptcy attorney who has reviewed your case in
detail and is familiar with your state's laws can tell you.
Please speak with someone. Most offer free initial consultations.
--
Brett
************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************
The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************
<Heaven717@webtv.net> wrote in message
news:9883-3F205142-252@storefull-2137.public.lawson.webtv.net... Thank you for responding. Could you answer me in simple way so
I could understand. Would it be a good idea to file or not? Do I have
chance of losing the House?Should I wait longer to file? I stopped paying
two charges, but I'm still paying thee. Thank's Cindy
