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One lawyer says I cannot apply for bankruptcy, because my husband

and I owned a condo...
One lawyer says I cannot apply for bankruptcy, because my husband and I owned a condo. My daughter is living in it now. Not us... We own a house. I transferred the condo into my husband name in June. The first lawyer said I had to wait two, otherwise they would get 50% of what the condo is worth. My husband is trying to sell it.
Another lawyer said I could apply for bankruptcy, without a problem.
I don't know who to believe.
My husband is not applying for bankruptcy. Only me. I owe nothing else in my name. I have credit card debt, which my husband does not know about. Should I go to a third lawyer?????
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Answered in 9 minutes by:
10/27/2013
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,566
Experience: JD, MBA
Verified
Hello and thank you for the opportunity to assist you. My name is XXXXX XXXXX I will do my very best to answer your legal questions.

I can tell you that the first lawyer is correct, and the second lawyer is incorrect. If you were to file for bankruptcy now, the bankruptcy trustee would go after the condo. The reason is that it is considered fraudulent to transfer assets within 2 years of filing for bankruptcy, unless you receive adequate value in return. Assuming your husband did not pay you the fair market value for the condo, then the trustee could go after it. The reason is probably already obvious to you: The law is designed to prevent situations where people give away their assets to their family/friends in order to avoid those assets being used to pay their debts, and then file for bankruptcy. That is not fair to the creditors.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is greatly appreciated. Thank you for using our service!

If you would like to direct additional legal questions to me in the future, then please type "To TJ, Esq." in the subject line of your question.
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,566
Experience: JD, MBA
Verified
TJ, Esq. and 87 other Bankruptcy Law Specialists are ready to help you
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TJ, Esq.
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,566
12,566 Satisfied Customers
Experience: JD, MBA

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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).

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