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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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im facing foreclosure on my home, my sale date is may 25th,

Customer Question

im facing foreclosure on my home, my sale date is may 25th, ive had a transfer of property which i transfered a property to my son, during the last 4 years. If i were to file a skeleton bk to avoid foreclosure will the trustees get involved? if i were to file bk and not then back off will the trustees get involved when i file?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

Are you asking about the Bankrutpcy trustee or the trustee that would be selling the home?

What did you mean when you asked if the trustee would get involved if you were did not back off after filing?

Was the property that was transferred to your son an absolute transfer, or did you retain an interest in the property?

Customer: replied 5 years ago.
no it was an absolute transfer, and i also have credit card debt, over 100k. im asking about the bankruptcy trustee.a skeleton bk is filed to stop foreclosure on a property. the transfer to my son was a different property.
Expert:  cfortunato replied 5 years ago.

What did you mean when you asked if the trustee would get involved if you were did not back off after filing?
Did you mean what would happen if you filed the rest of the papers, instead of letting the Bankruptcy be dismissed?

Did you want to know if the trustee can do anything to the property you transferred to your son?

Customer: replied 5 years ago.
yes i wanna know if the trustee can do anything about that property that was transfered 2 years ago? when does the trustee get involved? Yes i meant what would happen if i filed the rest of the papers instead of letting the bnkruptcy get dissmissed when? when does the trustee get involved?
Expert:  cfortunato replied 5 years ago.

The trustee cannot do anything about property that was transferred more than 2 years before the Bankrutpcy was filed. Bankrutpcy Stat. 548(a). This is the case whether or not you file the rest of the papers. However, if you do not file the rest of the papers, the case is just dismissed, and is not assigned to a trustee.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

 

 

cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
i was told it was 4 years in california. and statue of limitations is 4 years
Expert:  cfortunato replied 5 years ago.
Not for a Bankruptcy. The Bankrutpcy trustee can only look back 2 years. This is a federal rule, and applies to all states.
Expert:  cfortunato replied 5 years ago.
Bankruptcy laws are federal, and apply to all states.
Customer: replied 5 years ago.
is that for chapter 7 or 13? is it 2 years after the property has been recorded or deeded?
Expert:  cfortunato replied 5 years ago.

Bankrutpcy Statute 548 applies to all Chapters - including 7 and 13.

Expert:  cfortunato replied 5 years ago.
Bankrutpcy Statute 548 applies to all Chapters - including 7 and 13.
It is 2 years after the debtor transfers his "interest...in the property". This means 2 years after the date of transfer (the date the deed is signed and notarized), not necessarily the date the deed was recorded.