Legal Question in Bankruptcy in Michigan
Bankruptcy
My boyfriend has a first and second mortgage on his home. He is considering bankruptcy. Can he sign a quit claim deed over to me to avoid involving the house?
1 Answer from Attorneys
Re: Bankruptcy
No, that a transfer of that type within a year of filing bankruptcy would be considered a fraudulent conveyance and the action taken could be considered fraud which are very serious offenses and have potential serious ramifications.
There is an exemption for a bankruptcy debtor's residence in the amount of $18,450. In other words, he can have $18,450 equity in his house and keep the house.
I am always amazed at the inaccurate information non-attorney people "share" about bankruptcy with others. Before you take ANY action, consult with an experienced bankruptcy attorney. I would be happy to give you a free consultation. You can call me at 248.679.1552.
Related Questions & Answers
-
Reopen Bankruptcy I just found out about a judgement that i did not know about it... Asked 12/14/06, 11:29 am in United States Michigan Bankruptcy Law
-
Lawsuit I won a suit against someone,but unknown to me he had already filed... Asked 11/29/06, 5:59 pm in United States Michigan Bankruptcy Law
-
Workers comp settlements with bankruptcy I have a workers comp. settlement coming... Asked 11/19/06, 1:42 pm in United States Michigan Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
