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

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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: 6 months ago.Category: Bankruptcy Law
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Answered in 21 minutes by:
11/7/2017
Bankruptcy Lawyer: KLAW, Lawyer replied 6 months ago
KLAW
KLAW, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 2,198
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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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

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Customer reply replied 6 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 6 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
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Bankruptcy Lawyer: KLAW, Lawyer replied 6 months ago
He sale triggers the trustees review and your share of the equity as a legal owner.
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Customer reply replied 6 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 6 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.
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Bankruptcy Lawyer: KLAW, Lawyer replied 6 months ago
If you have any other questions please just ask
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