Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

My friend Bill and his mother(age 78) live in Maryland and

Customer Question
have large credit card debt...
My friend Bill and his mother(age 78) live in Maryland and have large credit card debt around $75,000. All the credit cards are in mother's name she gets social security of under $500.00 only and has $30,000 in the bank She is not interested in how it affects her ability to borrow money or get other credit cards she plan to go to a senior housing for low income seniors in a year or so. She owns a small home valued at approx. $135,000 it is titled as tenants in common with mother and his younger brother who lives in his own home in MD. My friend Bill is on social security disability since late 1980's and uses her address for most mail SSDI and Medicare claims and udpates. He lives with friends from time to time but his legal address is her home.
She does not have enought money to do a chapter 13 due to her low income. If she transfers her interest in the house to my friend in the next week and leaves current son on deed (meaning both son's on deed) take her name off and just stops paying her credit card bills will they come after the house. Do you advise paying credit cards for a few months? Is there a rule that the transfer must take place year or so before. Also since my friend is on SSDI is there any protection or safeguard. I know it varies from state to state, since my brother is living in Mass and my mother just went to a nursing home and needs longterm care, all her assets went to him. What's the rule in MD? Do we need to do a Quit Claim taking mother's name off property and a No Consideration Inter-Family Deed and name Bill and his brother - do you have any forms and resource for forms? Jane
Submitted: 6 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 2 days by:
8/11/2011
Bankruptcy Lawyer: JoeLawyer, Attorney replied 6 years ago
JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
Verified
Maryland does have a fraudulent transfer statute, called the Maryland Uniform Fraudulent Conveyance Act (MD. CODE ANN., Commercial Law, Section 15-201, et. seq. (1975).

§15–204 says that "Every conveyance made and every obligation incurred by a person who is or will be rendered insolvent by it is fraudulent as to creditors without regard to his actual intent, if the conveyance is made or the obligation is incurred without a fair consideration."

So, if the transfer renders the person transferring the asset insolvent, then the transfer is deemed fraudulent and can be overturned by a court.

Also, §15–205 says that "Every conveyance made without fair consideration when the person who makes it is engaged or is about to engage in a business or transaction for which the property remaining in his hands after the conveyance is an unreasonably small capital, is fraudulent as to creditors and other persons who become creditors during the continuance of the business or transaction without regard to his actual intent."

So, if the person receiving the transfer of property does not pay a fair amount to the person transferring the property, then the transfer may be deemed fraudulent as to the creditors of the person making the transfer.

A good website outlining Maryland fraudulent transfer law is here:

http://secure.bowie-jensen.com/?file=convey.inc

I think you should consult with an Estate planning attorney who can see if transferring the assets into a trust might shield them (though my guess is this will be difficult at this point).

If that doesn't work, a Chapter 13 repayment may be the best option.

Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. JoeLawyer is an attorney but does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) JoeLawyer. All rights reserved.
JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
Verified
JoeLawyer and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask JoeLawyer Your Own Question
JoeLawyer
JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
767 Satisfied Customers
Experience: Attorney in the practice of Bankruptcy Law since 1996

JoeLawyer is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,672 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

767 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I am a small creditor and have been sent a notice of motion
I am a small creditor and have been sent a notice of motion for the debtor to be at bankruptcy court on Thursday It is a chapter 11. I am without funds. Do I just show up? Have my proof? I do not need… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I have huge credit card debt. I make alot of money also. All
I have huge credit card debt. I make alot of money also. All my bills are current. The credit card companies have raised the intrest rate to 25.99%. Can I declare bankruptcy?… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I've got approx. $30,000 credit card debt. i live on $749 a
i've got approx. $30,000 credit card debt. i live on $749 a month social security disability. i've got a home morgage of like $69,000. i've been using the credit cards to make ends meet. the credit ca… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I have income from 100% va disability and ssdi. Are these
I have income from 100% va disability and ssdi. Are these considered income in bankruptcy … read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,072 satisfied customers
We have only income from veterans disability and state
We have only income from veterans disability and state teachers retirement disability we are being overcome with medical bills that seem to only get worse and worse. Someone said even with the disabil… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,992 satisfied customers
I've been declared disabled by Social Security for almost 2
I've been declared disabled by Social Security for almost 2 years now due to severe depression and anxiety. I'm too depressed to even get out of bed. How do I convince my doctor to sign student loans … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,992 satisfied customers
I have substantial credit card debt, and i am currently
I have substantial credit card debt, and i am currently unable to make the monthly payments.… read more
Ray
Ray
Lawyer
Doctoral Degree
30,227 satisfied customers
I'm a disabled veteran needing to file Chapter 7 bankruptcy.
I'm a disabled veteran needing to file Chapter 7 bankruptcy. What is your fee structure? Thank you, ***** ***** … read more
Michael Bradley
Michael Bradley
JD
1,131 satisfied customers
I have over $100K of credit card debt and my revenues do not
I have over $100K of credit card debt and my revenues do not allow me to pay my debts. If I file for personal Bankruptcy, will I be able to keep my LLC and a business bank account? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,921 satisfied customers
Currently I have 2 credit card debts with a total amount of
Currently I have 2 credit card debts with a total amount of $15,000. I also have many other unpaid bills that I can't afford to pay. I'm making less than $45,000/year and going through a divorce (I ho… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
55,439 satisfied customers
I filed bankruptcy and just received a notice saying
hello. I filed bankruptcy and just received a notice saying sheriffs notice of bankruptcy procedures. pursant to a creditors instructions under a writ of execution , the sheriff levied on and is curre… read more
DrakeLAW
DrakeLAW
Juris Doctorate
835 satisfied customers
I am filing bankruptcy chapter 8. Only income is disability.
I am filing bankruptcy chapter 8 . Only income is disability. It is no taxable and I was never required to file. My attorney told me I have the file my taxes. Why is that? My account told me I am not … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,036 satisfied customers
I am on ss and disable I have creditors calling not only me
I am on ss and disable I have creditors calling not only me but my family as well how do I go about filing bank ruptcy… read more
Ray
Ray
Lawyer
Doctoral Degree
30,227 satisfied customers
My wife accumulated a lot of credit card debt and now she
My wife accumulated a lot of credit card debt and now she wants to file chapter 7. How will this relate to me and my assets, inclufing my home which I bought ling before we were married and is only in… read more
DrakeLAW
DrakeLAW
Juris Doctorate
835 satisfied customers
In the Utah code you sent me it states: 75-7-501 Rights of
In the Utah code you sent me it states: 75-7-501 Rights of beneficiary's creditor or assignee. "To the extent a beneficiary's interest is not protected by a spendthrift provision or Section 25-6-14, t… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,992 satisfied customers
I am a homeowner with close to $35,000 in credit card debt.
Good morning, I am a homeowner with close to $35,000 in credit card debt. I find myself in a deficit of about $250/mo paying mortgage, household expenses, and credit card payments. Would I be eligible… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
Credit Card debt. I'm in California my wife lives in France.
Credit Card debt. I'm in California my wife lives in France. IM filing for BK chapter 7. Separate from my wife. I stopped paying on a credit card in 2005. We got married in 2006. Cach LLC picked up th… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
55,439 satisfied customers
I just got served a lawsuit for a credit card debt. It was
I just got served a lawsuit for a credit card debt. It was my ex wifes card but my name was on it. In our divorce papers it says it's her responsibility. That was in 2010. She had already stopped maki… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,807 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x