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quit claim deed and CH 7

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  • quit claim deed and CH 7

    Hi group. I will eventually speak to a local lawyer, but I want to go
    into the consultation with some knowledge. I am contemplating a Ch. 7
    filing to relieve myself of a huge debtload.

    My main question is in regards to property I own and "giving" that to
    someone else. I live in Florida and have a mortgage for my home. I
    still owe $170k on a $210K appraised house. I also own 2 pieces of
    property in Illinois. One is appraised at $70k and paid off, the other
    is worth $45K, and has a loan on it. Now, if I do a quit claim deed of
    the house that is paid off, how long must I wait to file so that the
    trustee cannot go back and take the house from the person that I deed
    the property? Same thing applies to the $45k home, I want to let this
    person assume the mortgage and deed to the home. Again, is there a
    problem with that? Legally.....not ethically.

    My next question involves my automobiles. I have a 2001 Jetta that is
    way upside down on the car loan. I also just purchased a 2003 Mercedes
    in July. The outstanding balance on that loan is $60000. Now, when it
    comes down to which car i want to keep (because I know the trustee will
    not let me keep both) I plan to keep the Mercedes. Is there a legal
    reason that the trustee could make me keep the Jetta? Do I have a
    choice as to which car I get to keep? I want to reaffirm the Mercedes
    and discharge the balance that will be left on the Jetta.

    Any advice is appreciated. Any lectures will be read, but I will still
    proceed as to what way legally help me out in this situation.


  • #2
    quit claim deed and CH 7

    You should definitely talk with a lawyer before doing anything. One reason
    is that even if you do not file bankruptcy, deeding your assets to a
    "friend" to avoid your debts can be considered a fraudulant conveyance. On
    the other hand, there might be legal asset protection strategies that you
    can carry out.

    I think Florida has an unlimited homestead exemption for the home you live
    in. I am not sure, but instead of selling or "giving away" your properties
    in Illinois, maybe you can borrow money against both properties to reduce or
    eliminate the equity in those properties. Use the loan proceeds to pay down
    the mortgage on your Florida home. Then you'll have assets in Illinois with
    no equity and a home in Florida with a large amount of equity that is
    protected by the homestead exemption there. I am not an attorney and I do
    not know if this is even legal or avoids the fraudulant conveyance issue.
    Again, you should see an attorney before doing anything.

    "mike" <[email protected]> wrote in message
    news:eMrDb.77038$%[email protected] ...
    Hi group. I will eventually speak to a local lawyer, but I want to go into the consultation with some knowledge. I am contemplating a Ch. 7 filing to relieve myself of a huge debtload. My main question is in regards to property I own and "giving" that to someone else. I live in Florida and have a mortgage for my home. I still owe $170k on a $210K appraised house. I also own 2 pieces of property in Illinois. One is appraised at $70k and paid off, the other is worth $45K, and has a loan on it. Now, if I do a quit claim deed of the house that is paid off, how long must I wait to file so that the trustee cannot go back and take the house from the person that I deed the property? Same thing applies to the $45k home, I want to let this person assume the mortgage and deed to the home. Again, is there a problem with that? Legally.....not ethically. My next question involves my automobiles. I have a 2001 Jetta that is way upside down on the car loan. I also just purchased a 2003 Mercedes in July. The outstanding balance on that loan is $60000. Now, when it comes down to which car i want to keep (because I know the trustee will not let me keep both) I plan to keep the Mercedes. Is there a legal reason that the trustee could make me keep the Jetta? Do I have a choice as to which car I get to keep? I want to reaffirm the Mercedes and discharge the balance that will be left on the Jetta. Any advice is appreciated. Any lectures will be read, but I will still proceed as to what way legally help me out in this situation.

    Comment


    • #3
      quit claim deed and CH 7

      You have to wait at least a year after the house is transferred before you
      can file. There may also be fraudulent conveyance issues that could affect
      this period.

      As far as the car is concerned, the trustee could (and probably will)
      consider the Mercedes a luxury, and consider that payment available to be
      used to pay your creditors.

      --
      Brett

      ************************************************** ***************
      * Personal Injury/Malpractice Bankruptcy *
      * *
      * BRETT WEISS, P.C. *
      * Attorneys at Law *
      * Maryland, D.C. and Federal Bars *
      * [email protected] *
      * 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.
      ************************************************** ***************


      "mike" <[email protected]> wrote in message
      news:eMrDb.77038$%[email protected] ...
      Hi group. I will eventually speak to a local lawyer, but I want to go into the consultation with some knowledge. I am contemplating a Ch. 7 filing to relieve myself of a huge debtload. My main question is in regards to property I own and "giving" that to someone else. I live in Florida and have a mortgage for my home. I still owe $170k on a $210K appraised house. I also own 2 pieces of property in Illinois. One is appraised at $70k and paid off, the other is worth $45K, and has a loan on it. Now, if I do a quit claim deed of the house that is paid off, how long must I wait to file so that the trustee cannot go back and take the house from the person that I deed the property? Same thing applies to the $45k home, I want to let this person assume the mortgage and deed to the home. Again, is there a problem with that? Legally.....not ethically. My next question involves my automobiles. I have a 2001 Jetta that is way upside down on the car loan. I also just purchased a 2003 Mercedes in July. The outstanding balance on that loan is $60000. Now, when it comes down to which car i want to keep (because I know the trustee will not let me keep both) I plan to keep the Mercedes. Is there a legal reason that the trustee could make me keep the Jetta? Do I have a choice as to which car I get to keep? I want to reaffirm the Mercedes and discharge the balance that will be left on the Jetta. Any advice is appreciated. Any lectures will be read, but I will still proceed as to what way legally help me out in this situation.

      Comment

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