Bankruptcy Law

Bankruptcy law questions? Ask a bankruptcy lawyer.

Ask a Lawyer,
Get an Answer ASAP!

My mothers deed to the house, along with my sister. The

Customer Question
My name is *****...

My name is ***** ***** mothers deed to the house, along with my sister. The house is long since been paid off, I need to file Chapter 7. She has proposed to sell the house/property to my sister... Will that eliminate any worry of her home being exposed in a Chapter 7 filing from me??

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Pa and no--nothing filed

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

Nothing--all in the thought process

Submitted: 9 months ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 21 minutes by:
11/7/2017
Bankruptcy Lawyer: KLAW, Lawyer replied 9 months ago
KLAW
KLAW, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 2,485
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified

Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

Since your name is ***** ***** deed along with your mother and sister, you are pat owner of the property and that is legally considered an assett for bankruptcy purposes.

When you file for bankruptcy, you must disclose all of your real property interests on the Schedule A of your paperwork. This means that if you are on the deed to someone else’s home, you must disclose it on your bankruptcy papers (even if you think that you have no ownership interest despite being on title).

If you transfer any property out of your name prior to filing the chapter 7, the bankruptcy trustee may be able to avoid the transfer and get the property back for the benefit of your creditors.

If the bankruptcy trustee discovers that you transferred property out of your name within one year of your bankruptcy filing he or she has grounds to object to your bankruptcy discharge. The trustee also has grounds to object if you destroyed, harmed, or hid your assets. As a result, it is never a good idea to transfer or conceal property in before filing for bankruptcy.

Even if the bankruptcy trustee can’t object to your discharge on the above grounds, he or she may be able to recover an asset you transferred out of your name if the transfer was within two years of your bankruptcy filing.

This means that even if you transferred the property more than one year prior to your bankruptcy a Chapter 7 trustee could still get the property back, liquidate it (if it is not exempt), and distribute your portion of the value of the property and the proceeds to your creditors.

If you are only on title to the home for legal reasons but you don’t have any equitable interest in the property (for example, if your mother put you on the deed solely to avoid probate or for a similar estate planning purpose), you never paid taxes or lived in the home, then you may be able to argue that you hold only bare legal title and that the home should not be used to satisfy your creditors. But the trustee and court may not agree with you.

However, since the property has full equity, the trustee will more than likely seek to avoid the transfer.

So, you may not be able to file your chapter 7 for two years after the deed is changed back to your mother and sister, or risk having the trustee force a sale.

I hope this helps.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions

Ask Your Own Bankruptcy Law Question
Customer reply replied 9 months ago
the sale of the property from my mother to my sister would still put it at risk? My mother doesn't just want to remove my name--she wants to sell it to my sister---that's the part I'm confused on
Bankruptcy Lawyer: KLAW, Lawyer replied 9 months ago
because now it is your asset, because your name is ***** ***** the deed. Once you own a piece of property, free and clear, the Trustee has an obligation to look at all of your assets including property owned by you and others. The issue is your ownership interest not the transfer from your mother to your sister. I hope this clarifies. Please don’t forget to rate the question
Ask Your Own Bankruptcy Law Question
Bankruptcy Lawyer: KLAW, Lawyer replied 9 months ago
He sale triggers the trustees review and your share of the equity as a legal owner.
Ask Your Own Bankruptcy Law Question
Customer reply replied 9 months ago
one for time....im stuck period because if my mother sells it-- still am involved because of being on the deed. The sale doesn't clear my involvement if she sells it for $500 to my sister--without me being involved? So basically I can't get out of the house and be free and clear for the 2 years???
Bankruptcy Lawyer: KLAW, Lawyer replied 9 months ago
correct, the Trustee will look at the value of the house and your interest and monetary value.Remember they do this because when filing a ch 7 you are asking the bankruptcy court to wipe out your debts, and the Trustee has a duty to assess all of your assets and their value within the 2 years prior to fling.
I hope this further clarifies.
Ask Your Own Bankruptcy Law Question
Bankruptcy Lawyer: KLAW, Lawyer replied 9 months ago
If you have any other questions please just ask
Ask Your Own Bankruptcy Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a bankruptcy lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask KLAW Your Own Question
KLAW
KLAW
KLAW, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 2,485
2,485 Satisfied Customers
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.

KLAW 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

2,720 satisfied customers

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

cortrightlaw

cortrightlaw

Attorney

513 satisfied customers

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

JoeLawyer

JoeLawyer

Attorney

376 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
My father passed away in 1999. My brother who is an attorney
My father passed away in 1999. My brother who is an attorney was the trustee of my father's estate. My brother never never filed what needed to be filed for the estate. My mother decided to purchase a… read more
Ray
Ray
Lawyer
Doctoral Degree
33,756 satisfied customers
I am helping a friend who is 88 and large credit card debt.
I am helping a friend who is 88 and large credit card debt. she only owes 15,000 on home which is a line of credit and her daughter is not on this loan but is on the quit claim deed for the house. The… read more
KLAW
KLAW
Lawyer
Juris Doctorate
2,485 satisfied customers
I am reading over the answer you gave me yesterday about bankruptcy
I am reading over the answer you gave me yesterday about bankruptcy exemptions and I just wondered if that is for both chapter 7 and 13?… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
My sister is 66 and never worked. She has no income and doesnt
My sister is 66 and never worked. She has no income and doesn't qualify for SS. To provide for her financial needs my mother left her a $500K lake side home and a $25K home which was her grandparent's… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I have a sister who took deferred jugement and is serving probation
I have a sister who took deferred jugement and is serving probation - she worked at a company where she asked her boss for pto pay along with her salary pay because she nor her boss could ever get awa… read more
A.J.
A.J.
Attorney
Doctoral Degree
262 satisfied customers
Im currently in the process of bankruptcy here in California.
I'm currently in the process of bankruptcy here in California. Included in the bankruptcy is my rental home. Am I responsible for the taxes and insurance, now and after my debts are discharged?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am 1/3 owner of my parents house (both deceased) with my
I am 1/3 owner of my parents house (both deceased) with my 2 sisters. One of my sisters has filed bankruptcy. The Trustees have determined that she can not claim the house, even though she will be liv… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
I am in the process of filing bankruptcy. My mother wants
I am in the process of filing bankruptcy. My mother wants to give me her share in a property that her in my father shared. They are now divorced. How long do I have to wait for that property not to be… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
If a debtor is filing a chapter 13 BK and her name is XXXXX XXXXX
If a debtor is filing a chapter 13 BK and her name is XXXXX XXXXX bank account along with her 2 sister's The account is a saving for her mother. the money came from her mother's reverse mortgage. The … read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
I had a real estate agent ( friend) want to show my place and
I had a real estate agent ( friend) want to show my place and they want to buy it ... I'm in the process in dc awaiting a notice of default and then mediation .. so no default notice ... i have a seco… read more
Fritz
Fritz
Attorney
209 satisfied customers
My mother died last year. She owned half of her house with
My mother died last year. She owned half of her house with my sister and brother-in-law. In my mother's will she left her half of the house to my sister(owner of the other half), my brother, and mysel… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I think I would qualify for Chapter 7 bankruptcy, except that
I think I would qualify for Chapter 7 bankruptcy, except that my mother put my name along with hers on the deed to her house. I would not want her home to be sold by the trustee in order to pay off my… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
Info for question in California so would like a California
Info for question: in California so would like a California expert to answer. I have a home that is underwater and in the foreclosure process, that I have been trying to short-sell, no good offers cam… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
My mother who is 75 years old and lives in Alabama is currently
My mother who is 75 years old and lives in Alabama is currently struggling financially. We have suggested bankruptcy to her but she has been told that since she owes a home and she has equity in the h… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
I forgot to mention that i have an home equity loan on my principal
I forgot to mention that i have an home equity loan on my principal home that has not been paid for about a year. would this change my ability to keep my home along with my rental properties that have… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
My Husband was layed off for a year and 3 months. We are in
My Husband was layed off for a year and 3 months. We are in debt with hosp and credit cards 25000. we r two months behind on our house payment. My husband got called back to work 3 weeks ago. We have … read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
My ex husband is filing Chapter 7 and is on the loan with ASC,
My ex husband is filing Chapter 7 and is on the loan with ASC, underwritten by Wells Fargo. The home was 100% awarded to me in the settlement; a Quit Claim deed signed over to me; and I filed a homest… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
I have just finished a chapter 7 and know the bank that has
I have just finished a chapter 7 and know the bank that has the mortgage on our home that was included in the chapter 7 wants us to sign a short sale agreement in order to sale the house. Should we do… read more
Andrea Ray
Andrea Ray
Associate Attorney
Doctoral Degree
82 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