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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12172
Experience:  JD, MBA
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My parents-in-law transferred their home property title to

Resolved Question:

My parents-in-law transferred their home property title to my husband (boyfriend at the time) and their daughter and son-in-law approximately 13 years ago in Florida. My parents-in-law remain living in this home, my sister-in-law and her husband have their own home, and my husband and I live with my parents. My sister-in-law and her husband are thinking of filing for bankruptcy very soon. They transferred this property to my husband's name solely last week through a quit claim deed (sold for $10). I believe the creditors can go after their percentage of the property even though it was transferred. My husband does not believe so. My question is, will my husband be liable for any portion of their debt because he now owns the home outright or is there any other eventuality my husband would face legally (have to mortgage the home in order for his sister and brother-in-law to pay their share)? We all live in Florida.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 6 years ago.

Hello and thank you for allowing me the opportunity to assist you.

You are correct that the creditors can go after the property that was recently transferred to your husband. First, the Bankruptcy Code specifically states that the trustee can reverse any transfer that occurs within 2 years of filing for bankruptcy (see 11 USC § 548(a)). Moreover, Florida law provides that any transfer of property made for the purpose of hindering a creditor from collecting on a debt is considered fraudulent, and can be reversed (see 726.105). So, the botXXXXX XXXXXne is that both Federal law and State law gives the creditors remedies.

However, so far as your husband is concerned, his liability does not extend beyond the share of the property that was fraudulently transferred to him. He will not be personally liable for the debt in any way if he did not agree to be liable for it.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

If the information that I provided is helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

Customer: replied 6 years ago.

Is the "look back" 2 years across the board for all states for property transfers/sales or could there be a longer period for Florida?

Expert:  TJ, Esq. replied 6 years ago.

Hi again.

The Bankruptcy Code has a 2 year look back period, and that applies in all states. Florida doesn’t specifically have a look back period, but it does have a statute of limitations, which is 4 years (see 726.110).

If the information that I provided is helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

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