Legal Question in Bankruptcy in Washington
transfer of a share of property
My daughter and I bought a house together in 1987, but she made all the mortgage payments. In 92 we refinanced to a 30yr due in 5yr mortgage, the balloon payment being due in 1997. For this reason we refinanced the house Jan 97, and I signed a quit claim deed in Jan 97, giving the full ownership to my daughter since I have made no mortgage payments. How will this affect my filing for ch.7 bankruptcy?
1 Answer from Attorneys
Chapter 7 inquiry
If you have not filed, yet, don't! Transfers to a family member within one year before the filing of a Chapter 7 case can be avoided (set aside) by the Chapter 7 Trustee and your 1/2 interest in the house sold; after that, there would be an action for partition and, in the end, your daughter would lose the house.
If you have already filed, you should think seriously about converting to a Chapter 13 to save the house.
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