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I have a question on bankruptcy law. The statement of

I have a question on bankruptcy law.The statement of financial affairs says in question 18:Within 2 years before you filed for bankruptcy, did you sell, trade, or otherwise transfer any property to anyone, other than property transferred in the ordinary course of your business or financial affairs?Include both outright transfers and transfers made as security (such as the granting of a security interest or mortgage on your property). Do not include gifts and transfers that you have already listed on this statement.I'd like some clarification on what this means. For example, suppose I have a piece of real estate property that is upside down in value. If I deed that property to someone else is this a transfer that has to be listed? It's not outside "ordinary" course of business in my mind because the property is worthless. Is ordinary course meaning I sell it at a deep discount? Is the court/trustee looking for property I've dumped for less than fair market value?I'm just wondering if worthless property is transferred if it has to be listed.

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Terry L.

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In my last question I inquired, "If a judgement creditor executes

In my last question I inquired, "If a judgement creditor executes on a personal residence do they have to pay all of the superior loans in order to take title?" As you answered, they have to pay off all superior loans in order to get anything. My question is a little different. I want to know whether they have to pay off all the superior loans in order get title. In an execution that does not involve a primary residence with a homestead exemption the judgement creditor is able to take title subject to superior loans. I want to know if that is possible where a homestead exemption is present.Read more: http://www.justanswer.com/account/my-questions.aspx?rpt=2200#ixzz3uKA09xU8

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I have a judgement against me but it has yet to be transferred

I have a judgement against me but it has yet to be transferred to the state where I live.Can I legally withdraw my money in cash to use for living expenses before the judgement is enforced? Should I pre pay my bills like power,gas, ect? That way I do not have to worry about them trying to take my cash? how can they take cash on hand?

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Roger

Litigation Attorney

Doctoral Degree

 
32,850 satisfied customers
Am posting new question: I am unemployed , no investment,

Am posting new question:I am unemployed , no investment, IRA Owe mail lay consumer credit card billsAsset value low to pay card bills =$18Started to live with married daughter with 2 children on 2010 due to financial problem.1. Will living with daughter make me ineligible to file chapter 7She and her husband hold managerial jobs and earn combine good income2. Are they considered my household debtors? Thank you

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FiveStarLaw

Attorney

Doctoral Degree

 
24,992 satisfied customers
I am selling my home to my son (who is also trustee of my revocable

I am selling my home to my son (who is also trustee of my revocable trust) for the amount of the mortgage. I have not lived in the home for over 2 years...he has for the monthly mortgage payment and he also pays all utilities, etc. How long do I have to wait before I can file for assistance with Credit Card Debt? The house is appraised at 128K mortgage is 80k NH resident

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Roger

Litigation Attorney

Doctoral Degree

 
32,850 satisfied customers
If I own a rental property in an LLC and end up declaring BK,

If I own a rental property in an LLC and end up declaring BK, would the rental property (which has some equity in it) be protected (that is, would I be able to keep it)? I live in Virginia, and the rental is in Maryland.

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WALLSTREETESQ

Attorney

Doctoral Degree

 
18,022 satisfied customers
own house with spouses free and clear, i have major cc debts

own house with spouses free and clear, i have major cc debts due to gambling, want to divorce him to spare him any more of my destructive damage, want to sign the house over to him, want to do chapter 7 for my cc debts......in what order is this done, and will my cc debts will discharged with chapter 7 .....can cc companies go after house if i quit claim it over to him

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Hi My business partner wants to file bankruptcy this month,

HiMy business partner wants to file bankruptcy this month, but I do not.I just signed a deed transfer on Tuesday for my home to my ex-wife due to a divorce settlement. The divorce settlement was finalized in late July.Will our bankruptcy filing interfere with the deed transfer?Can the bankruptcy court stop the deed transfer, or reverse it?Should my partner & I wait until the deed transfer is completed, which takes about 1-2 months in NYC?

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I plan to file for bankruptcy in 6 months. Can I transfer non-exempt

I plan to file for bankruptcy in 6 months. Can I transfer non-exempt property (firearms and wedding rings) to my mother to repay a loan to her for down payment on a home I purchased previously? I want to transfer this property sooner than 120 days before I file bankruptcy so I shouldn't have to show it when I submit my Statement of Financial Affairs on Form B7 under Paragraph 6, Assignments and Receiverships. Is my interpretation correct since she is a preferred insider creditor? Do trustees have the ability to see what firearms I have previously purchased through the background checks I had to complete? Thanks. Terry

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Roger

Litigation Attorney

Doctoral Degree

 
32,850 satisfied customers
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