Legal Question in Credit and Debt Law in Pennsylvania

Real Estate Asset Protection

I am a senior citizen that transferred my primary residence to my son a year ago and several other properties to him 3 years ago. I have credit card debt of $75,ooo and can't afford payments. The only income i have is Social security and have no assets in my name. I did not file bankruptcy but have one creditor placing a dudgement against me. Can the creditor look back and get liens placed on my former properties?


Asked on 4/14/07, 10:20 pm

1 Answer from Attorneys
John Gibson John W. Gibson, Esquire

Re: Real Estate Asset Protection

The trustee in a bankruptcy can avoid transfers within two years prior to your filing so you are probably OK if you go that route. Whether or not another creditor can go after the property that you transferred depends a lot on when you incurred the debt. Say, for example, you were aware that you were in debt to a particular creditor at the time you transferred the properties to your son. The transfer would probably be considered a "Fraudulent Transfer" and if it was made within 4 years, could be set aside.

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Answered on 4/15/07, 1:29 pm


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