How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2870
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

My husband and I are looking into filing Chapter 13 but we

This answer was rated:

My husband and I are looking into filing Chapter 13 but we are on the deed to our house with my in-laws. If we were to write ourselves off of the deed, can they still go after the equity in the house?
Good question. The big issue is "how much equity is in that property"
if none, or little, shouldn't be an issue, since you only have partial interest. If you live there, you may qualify for a homestead exemption too.

By writing off your name, which is really just transferring/quitclaiming your interest, doesn't change the issue.
You have to disclose these transfers for a year in the bankruptcy, and the trustee has the power to reverse it, if you do not receive fair market value in return. In short, you cannot hide assets.

If there is too much equity, talk to a local bankruptcy attorney to discuss a chapter 13, whereby you pay back a percentage of your debt, enough to protect the asset. Good luck
Terry
Terry L. and other Bankruptcy Law Specialists are ready to help you