Legal Question in Credit and Debt Law in New Jersey

Re: Couple filing for Chapter 7

My husband and I together have about $43,000 worth of unsecured credit debt. He works as an NYC taxi driver but his business has been really slow and I was laid off earlier this year but am collecting unemployment. We have also started the joint bankruptcy process with a lawyer. Together we have no real assets. The only asset I can speak of is a 3 family home that was left to me and 2 of my siblings by my grandfather who passed. I planned on taking my name off of the deed so not to affect the bankruptcy process. But since I am not the sole owner of the property is that necessary? If so, how do I go about having my name removed?


Asked on 5/24/09, 11:01 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Re: Couple filing for Chapter 7

Your bankruptcy lawyer should have told you that if you manage your property in such a way as to conceal it from the bankruptcy trustee, you may be committing fraud in connection with the bankruptcy. The result may be a criminal prosecution. The bankruptcy judge will also deny your bankruptcy petition and dismiss the case. So, you will be worse off than you are now.

See also: http://info.corbettlaw.net/lawguru.htm

Read more
Answered on 5/25/09, 12:01 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New Jersey