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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17217
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have alot of credit card debt (in my name only) that i am

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I have alot of credit card debt (in my name only) that i am in default on and other debt that is kept up(not in default on my house or car payment). I have enough cash and income to survive on as long as I don't have to make restitution on the credit card debts. Eventually I expect the cc companies to start filing lawsuits and attaching judgements against my home and income. My thought is hopefully I could make the transfers now and file ch 7 like 6 months from now and as long as the creditors don't file any lawsuits until after the ch 7 is filed they won't have anything to attach the judgements to and I can then still survive my non secured debt without a problem. Can I protect my home/income from the credit card debt by tranfering the house, cash and cars (i own other cars outright), etc. into my wife's name so i have zero assets and then file Chapter 7 ? I know they can "recall" transfered assets but how many months can they go back? In ch 7 can my wages still be garnished?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
IF YOU TRANSFER THE HOME WITHIN THE LAST 6 MONTHS OR EVEN THE LAST THREE YEARS THE TRUSTEE WILL KNOW ABOUT IT AND CONSIDER IT A FRAUDULANT TRANSFER.

MY SUGGESTION IS TO FILE A CHAPTER 7, AND REAFFIRM THE HOME AND CAR, WHAT THAT MEANS IS YOU NOTIFY THE COURT THAT YOU WILL MAKE PAYMENTS ON THEM OUTSIDE THE BANKRUPTCY, IF THE COURT ACCEPTS THIS AGREEMENT, YOU WILL WIPE OUT YOUR DEBTS AND KEEP THE PROPERTY.

ALSO, YOU COULD FILE A CHAPTER 13, WHICH WOULD ELIMINATE UP TO 95% OF YOUR CREDIT CARD AND UNSECURED DEBTS, AND LET YOU KEEP YOUR HOME AND CAR. THE COURT WOULD MAKE YOU PAY THE 5% OVER 5 YEARS ON LOW MONTHLY PAYMENTS.

THE BANKRUPTCY TRUSTEES AND THE US DEPT OF JUSTICE, INVESTIGATE ALL TRANSFERS OF ASSETS AND CAN GO BACK SEVERAL YEARS, THEY WILL FIND OUT ABOUT IT, AND IF YOU DO NOT TELL THE TRUTH A PERJURY CASE WILL BE STARTED.

IF YOU FILE A BANKRUPTCY, ALL GARNISHMENTS STOP AND THE DEBTS WILL BE ELIMINATED.
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