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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My husband and I filed chapter 7 Bankruptcy together. My

Customer Question

My husband and I filed chapter 7 Bankruptcy together. My name is ***** ***** the deed. can I add his name on the deed after the Bankruptcy? The reason for doing this is because he has had cancer and is retired. He is 68 I am 61 we are in finacehardship. We are still paying real estate taxes which is adding to our hardship. If I could put his name on the deed we would not have to pay the taxes because of his age, finicial situation, and disable. which would help us out. Is this possible?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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When you file bankruptcy, one of the documents you'll have to submit with the filing is the Statement of Financial Affairs (SOFA).

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This requires that you give information about your financial history, including past bank accounts, businesses you have owned, property you hold for another and property you have sold or transferred. If you sold or transferred your property to another person (or 1/2 interest in the property, as you're describing here) prior to filing the bankruptcy, you HAVE TO disclose it on your SOFA.

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AND, every person who files bankruptcy has to attend a meeting of creditors, where the trustee will ask questions about your property and finances. The trustee WILL ASK you if you have transferred or sold any property within the past few years.

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If you intentionally omit the information from your SOFA ... OR if you don't disclose everything at the meeting of creditors, you can lose your bankruptcy discharge.

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SO, the answer to your question is yes.

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But the rright way to DO it is to go to your trustee, ask for a meeting,and disclose this, and ask where it needs to be reported.

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Your reasoning is good. The trustee will likely say that this is a GOOD move... taking advantage of something that will help your general financial situation...

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But you must do it right.

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Disclose, disclose, disclose