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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
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Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Tina, I lost my connection. Here is the scenario: My wife

Resolved Question:

Tina, I lost my connection. Here is the scenario: My wife and I have a BK 7 in the works, we have not had our hearing, attorney retained and just gathering info to actually file. I am on title as MM sole and seperate. We are 2 months down on our house and my wife wants me to quitclaim title over to her father and he will make house payments. I have been advised that changing title or doing anything to affect the property will either stay the ability to have the BK7 discharged or levy major scrutiny for the discharge.

My question(s) is: What would be in my best interest to make sure the BK proceeds smoothly to discharge? To what extent would a recorded quitclaim affect the BK proceedings?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 2 years ago.

Hello,

Different contributor here. Please permit me to assist.

There is no reason to quitclaim the property at this time. If you have any equity in the property, then the quitclaim will destroy your homestead exemption and you won't be able to keep the property -- the bankruptcy trustee will be able to seize it and sell it to pay your unsecured creditors.

And, if you have no equity, there's no reason to transfer the property to your spouse's father, because you would be transferring nothing of value. Your father-in-law would get nothing from that transfer, and by making the transfer, the bankruptcy trustee will start wondering if you're playing games and hiding assets. A Chapter 7 can be completed in about 120 days. If father-in-law wants to make some payments toward the mortgage while your bankruptcy is ongoing, he can just mail a check to the loan servicer.

Hope this helps.

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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34857
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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Attorney and Real Estate Broker -- Retired (mostly)