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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2820
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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If I deed my home over to my mother how long must I wait to

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If I deed my home over to my mother how long must I wait to be able to file for chapter7 or 13 bankruptcy.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

it depends on if there is any equity and if you get fair market value in exchange.

Terry L. :

Deeding over an asset and filing bankruptcy, is akin to 'hiding' an asset in the eyes of bankruptcy, if the debtor does not get fair market value in return.

Terry L. :

The trustee can go back at least 2 years, sometimes more depending on the case.

Terry L. :

This is for chapter 7.

Terry L. :

With a chapter 13, if the transfer would be an issue, then the ch13 can pay back enough debt to protect that transfer from being an issue.

Terry L. :

So a ch13 can be designed to make that a non-issue.

Terry L. :

Talk to a local bankruptcy attorney to review those options for you.

Terry L. :

Any other questions?

Terry L. :

Let me know.

Terry L. :

THanks
Terry

Terry L. :

Did you have any followup questions?

Terry L. :

Thanks

Terry L. :

Terry

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