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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Estate Law
Satisfied Customers: 15743
Experience:  Licensed Texas General Practice Attorney
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IF I HAVE A HALF A MILLION LINE OF CREDIT WITH MY BANK

Customer Question

IF I HAVE A HALF A MILLION LINE OF CREDIT WITH MY BANK FOR MY COMPANY AN S CORP BUT SIGNED PERSONAL DID NOT PLEDGE MY HOME, WHICH IS ALSO IN MY WIFES NAME AND MINE. i HAVE BECOME DISABLED HOWEVER MAKING THE MINIMUM PAYMENTS. If I transfer my assets to my wife for a period of two years could this still be considered conveyance. This is my company I own 100% of the stock and have owned it years before meeting my wife. I signed not my wife. If I default on this loan after two years could that be considered conveyance.
Submitted: 8 months ago.
Category: Estate Law
Expert:  ScottyMacEsq replied 8 months ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. In terms of bankruptcy law, 2 years is the operative date, in that the trustee can "pull back in" the transfer of the property if you made it within 2 years of the filing of bankruptcy. But under the Ohio Uniform Fraudulent Transfer Act (Chapter 1336: OHIO UNIFORM FRAUDULENT TRANSFER ACT), the operative time period is 4 years. In other words, the creditor could have 4 years to file a claim under this statute to get the transfer rescinded and be able to get back to the property.

The better option would likely be bankruptcy, as you can generally keep your house (assuming that it's modest enough). Of course, that depends upon your specific situation, and you'd want to speak with a bankruptcy attorney about that. That being said, you need to contact an attorney in your area that deals with bankruptcy cases. Go to www.lawyers.com or www.legalmatch.com to find an attorney in your area. You should be able to find one that will give you a free initial consultation and better advise you of your rights, any problems with your case, likelihood of success, how courts are treating cases such as yours in your area, and what you should do next.

The point is here, to answer your question, 2 years would not be enough under Ohio law to prevent the creditors from coming after you, as the law allows for 4 years.

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (good or better). Thank you, ***** ***** luck to you!

Expert:  ScottyMacEsq replied 8 months ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

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