Legal Question in Bankruptcy in California
filing bankrupcy
I am separated but not legally and have credit card debt that I can no longer pay due to an illness that lasted around 2 years and now I have lost my job. I lost mt home in a short sale. About 1 year and 6 months I transferred the title of a home my ex bought when we were together. Can this be held against me? Can i file just myself since my debt is only in my name? The house in question has about 50K in equity. Would that house be lost in a B.K.?
3 Answers from Attorneys
Re: filing bankrupcy
Some clarification is needed to answer your question.
1. Did your ex buy the home with his own separate funds?
2. Was community income used to pay down the principle during the time you were together?
3. How much equity was there when you transferred your interest? and did you receive anything in return?
You CAN file by yourself (regardless of whether the debt is your name only); and it is unlikely a Trustee would pursue your ex's house since your transfer does not appear to be a "fraudulent transfer".
Re: filing bankrupcy
You are allowed to claim a $50k exemption in a family residence. You can claim this exemption whether the property is in your name or not. You could lose this exemption if you do not claim it, any your boyfriend could lose the property. As the property only has $50k equity, you should be safe to file a chapter 7 bankrutpcy, presuming you meet the means test and other criteria.
Re: filing bankrupcy
8/12/08 I can answer all your bankruptcy questions. I look forward to your call. David Burkenroad
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