Legal Question in Bankruptcy in California
Debt collection and bankruptcy
I am currently disabled, heavily in debt, and receiving a lot of collections calls for accounts in both mine and my wife's name. Several years ago, after her mother died, my father-in-law put his house, which he continues to reside in, in my wife and her sister's names, so when he passed it would already have been done. We're suddenly realizing that our financial problems might allow creditors to place a lien against the house or that the property would become part of a bankruptcy. If we move to take her name off of it, would that be considered an illicit means of keeping that property out of creditor's hands or preventing it from being listed as an asset in a bankruptcy?
1 Answer from Attorneys
Re: Debt collection and bankruptcy
Even if you do a BK certian amount of homestead exemption is allowed. How much would be her portion of the equity?
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