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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16420
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 am contemplating filing Ch 7 for personal. In 2008 my parents

Customer Question

I am contemplating filing Ch 7 for personal. In 2008 my parents transferred their property deed to me anticipating they would be in a nursing home within 7-10 years. When my business started it's downward spiral, I transferred the deed to my wife. The date of the transfer occurred after I signed a personal guarantee with a lender. Is that property safe in my wife's name and if not what can I do so my 80 yr old parents don't lose their house that they've lived in for 60 years?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 2 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

If you file a bankruptcy all the assets of your wife and you will be examined so regardless who is on the deed it would be part of your bankruptcy. However you may be able to save some of the property,

WALLSTREETESQ :

How much equity do you have in the home?

WALLSTREETESQ :

The federal bankruptcy homestead exemption amount is $21,625. The exemption may be used for homes, condos, co-ops, mobile homes, and burial plots. Married couples may double this exemption. You can find the federal bankruptcy homestead exemption at 11 U.S.C. §522(d)(1) and (5).

WALLSTREETESQ :

If you live in the home, you could claim up to $43,250 of equity in your home.

WALLSTREETESQ :

Another option is to take an equity loan on the home, so their is limited equity, and use the money to pay down the debts, and if needed file bankruptcy later.

Expert:  WALLSTREETESQ replied 2 years ago.
f you file a bankruptcy all the assets of your wife and you will be examined so regardless who is on the deed it would be part of your bankruptcy. However you may be able to save some of the property,
WALLSTREETESQ : How much equity do you have in the home?
WALLSTREETESQ : The federal bankruptcy homestead exemption amount is $21,625. The exemption may be used for homes, condos, co-ops, mobile homes, and burial plots. Married couples may double this exemption. You can find the federal bankruptcy homestead exemption at 11 U.S.C. §522(d)(1) and (5).
WALLSTREETESQ : If you live in the home, you could claim up to $43,250 of equity in your home.
WALLSTREETESQ : Another option is to take an equity loan on the home, so their is limited equity, and use the money to pay down the debts, and if needed file bankruptcy later.


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WALLSTREETESQ
WALLSTREETESQ
Attorney
2749 Satisfied Customers
14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS