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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hello. I declared Chapter 7 bankruptcy, filed in October 2011

This answer was rated:

Hello. I declared Chapter 7 bankruptcy, filed in October 2011 and discharged in January 2012. At the moment, my father would like to gift/transfer me his condo under my name. Is there a statute of limitations with regards XXXXX XXXXX re-opening my case now that I would have assets under my name? Is there any chance whatsoever that I will have creditors or the courts after me now that I will show assets. Is this a good idea to complete the transfer? If not, then what other routes are available?

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 your case was discharged in 2012, a transfer of property to your name of a condo would not incur any fraud, or action by creditors,

WALLSTREETESQ :

the law gives the trustee power to take any gifts or inheritances 180 days after discharge, so you are fine

Customer:

that is the case for California?

WALLSTREETESQ :

yes, bankruptcy is Federal law and applies to all states

Customer:

excellent news

Customer:

so i don't run any risk of losing my property?

WALLSTREETESQ :

no,

WALLSTREETESQ :

Another option is to create a corporation, and have your father put the property in the corp name, instead of yours.

WALLSTREETESQ :

But you would be the president and owner

Customer:

ok

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

If satisfied please provide us with positive feedback, so we can receive credit.

Customer:

How about an irrevocable trust? is that also an option?

WALLSTREETESQ :

no,

WALLSTREETESQ :

you would not be able to change it or have much control if needed,

Customer:

But further down the road, we could both agree to cancel the trust and transfer the property?

WALLSTREETESQ :

if it is a corp yes, an irrevocable trust it may be possible,

WALLSTREETESQ :

a revocable trust would be better

WALLSTREETESQ :

you can change it anytime

Customer:

by "change it", what you do you mean? change what?

WALLSTREETESQ :

a revocable trust can be changed anytime and even sold without any issues,

Customer:

ok i see

Customer:

so would a revocable trust make the condo a protected asset? And is there any chance this could be attacked later by the creditor/trustee?

WALLSTREETESQ :

the condo would be protected,

WALLSTREETESQ :

and it could not be attached by your creditors, as they were discharged already

WALLSTREETESQ :

any new creditors could not go after it as it is a trust

Customer:

ok great thank you

WALLSTREETESQ :


If you have any further questions please do not hesitate to ask.







If satisfied please provide us with positive feedback, so we can receive cre



Customer:

ok give me a moment to think

Customer:

i am relaying this info to my dad as we speak

Customer:

ok great..what was your name? if i need to get back to you in the future, is that possible?

WALLSTREETESQ :

You can ask for wallstreet esq, at anytime,

WALLSTREETESQ :

good luck

Customer:

thank you very much

Customer:

have a good evening

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you