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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am trying to figure out what to do... I have a piece of vacant

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I am trying to figure out what to do... I have a piece of vacant land that I was going to quit claim half of to my boyfriend (I would remain on deed) and possibly my son (which I had always planned on doing but he needed to turn 18 and I needed my ex to sign it over to me before I could do anything with it). Anyway, I owe my boyfriend money that I have no means of paying back to him which is why I was going to add him. However, I also have a great amount of credit card debt from my ex which I was considering filing chapter 7 for. Someone said that this may not look good to the court and maybe like a fraud type thing. I am not trying to defraud anyone or anything like that. This is simply the only way I can pay him back. Can I still file the chapter 7 and be ok or do I have to wait a certain amount of time to file or can't file? I can attempt chapter 13 but I honestly have no means of making payments so I don't think that would do me any good. I can't get any loans to repay the debt as my credit is that bad now. I don't want to lose the property either.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

Hi JACustomer,

1) How much money do you owe your boyfriend?

2) Can you prove that you owe him this money?

3) What is the current market value of your property?

4) Have you lived in Florida continuously for the past 2 years?

Customer: replied 4 years ago.
I owe him approximately $6k. He took out a loan for me back in 2010. I am not sure I can show proof that I owe him that. I do have receipts from other things (not incl the loan) he paid for me such as some of my bills. We had an agreement that I would pay him back for the loan, we later agreed I could add him to my property in order to satisfy the loan but nothing notarized. He gave me cash and I lived off of the money as I had no job for quite some time. The current value of the property is about 13k according to the county appraisers. I have lived in Fl since 1996. The reason I couldn't add him to the property before now was that I had to wait until my ex signed it over to me from our divorce which he purposely dragged out to make my life difficult. Or he could have been added 8 months ago or more.
Expert:  cfortunato replied 4 years ago.

You can add your boyfriend's name to the deed as repayment for the money he loaned you, but you would then have to wait 90 days before filing a Bankruptcy - to avoid the transfer being deemed a "preference" and then reversed.

However, if you add your son's name to the deed, you would then have to wait 2 years to file a Bankruptcy - to avoid the transfer being reversed.

Adding your boyfriend's name to the property deed would result in a value of only $6,500 for your share, minus the cost to sell (5%), which would result in $6,175. Since you can use your wildcard exemption of $4,000 for the property, you would be able to keep it if you made an arrangement with the Bankruptcy court to pay the $2,175 over a period of around 6 months to one year.


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 4 years ago.
Thank you so much for the info. I thought however the wildcard could not be used for a piece of land... only for things like cars or clothing, etc.
Expert:  cfortunato replied 4 years ago.
You can use the wildcard exemption for anything - real estate or personal property.