Legal Question in Bankruptcy in Ohio
Keeping home
If my fiance signs his mobile home over to me and he files bankruptcy will he loose the mobile home, It is paid for with a clear title
Asked on 11/13/02, 1:39 pm
1 Answer from Attorneys
Frank Rozanc
Frank J. Rozanc, Esq.
Re: Keeping home
Unfortunately, for the transfer to you to be completely effective, it must take place at least one year prior to his bankruptcy filing. Any transfers to an insider, i.e., a wife or fiance, for less than fair market value, one year or less prior to the bankruptcy filing, must be disclosed in the petition. If the transfer was sooner than 1 year, it must be disclosed, and the trailer can be sold to satisfy creditors. Under Ohio law, he can only exempt $5000.00 of its value.
Answered on 11/15/02, 12:08 am
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