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Can you deed a second home to your daughter and then declare bankruptcy?
Wiki User
∙ 16y ago
Check with an attorney. You could dig yourself a deeper hole. Deeding your property to your daughter might be a "taxable event", meaning that you would owe a gift tax for giving her a the gift. It's possible that some kind of Trust arrangement will help, but there might be some time limits on how soon the protection can begin. There are many ways around any tax issues with a family transfer, and I wouldn't be terribly concerned by them. However, any transaction made (generally within 2 years) in anticipation of bankruptcy is considered voidable. AND the fact is, something as blatant as this, especially as it would appear unreasonable, actually a sham, for someone in financial trouble to "sell" their home asset for much less than value...would very likely be challenged. (You would have to pay off any mortgage or debts to do so you understand?) Then there is the real question...WHY WOULD YOU DO THAT? Your home is protected in most all bankruptcy proceedings! What your talking aboiut doing in fact would put it in play for seizure. Clearly, you don't understand the basics and you really should get an expert involved to guide you.
Wiki User
∙ 16y ago
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How do you delete your daughter from your deed?
You cannot delete a person from a deed. They own an interest in the property and the only way to acquire their interest is if they transfer it to you by executing a deed. Your daughter must convey her interest to you by deed.
Can assets of the people you live with be seized if you declare bankruptcy?
Perhaps. If the filing party is on a deed for real property or joint bank account with the others that property might be "frozen" until the amount each party is entitled to is proven. It will depend on what the property is and how it is titled. If this is the issue it would be advisable to consult a bankruptcy attorney.
How do you change names on a deed in Virginia?
How do I add my daughter's name to my deed
Can you quit deed to your daughter?
yes
Second mortgage and chapter 13?
Under current bankruptcy law it is possible to eliminate or "strip" a 2nd trust deed (mortgage) through chapter 13 bankruptcy. A competent experienced bankruptcy attorney can accomplish this. There is a lot of misinformation propogated in this area often by persons attempting to take advantage of others. The basic requirement is that the value of the home is less than that owed by the first trust deed. The 2nd trust deed becomes an unsecured debt and no longer a lien on the home. When the chapter 13 is concluded any balance owed to unsecured creditors including the 2nd trust deed is discharged. Answer provided by a bankruptcy attorney with over 30 years of experience.
How do you force a person who has filed bankruptcy and given up their interest in a property to sign a quit claim deed?
You need to contact the trustee in bankruptcy. The bankrupt hasn't "given up their interest" unless they have already executed a deed. Their interest may be subject to the bankruptcy proceeding.
Can a person who surrendered their property in bankruptcy sign a deed in lieu?
A person who is engaged in a bankruptcy proceeding cannot convey property outside of the court proceeding. You should contact the trustee in bankruptcy for advice because the court will want to review the transaction. You will likely need a court order to execute the deed.
What happens to the land if the mother sign it over to the daughter but the daughter dies who get the land?
If mother transferred her property to her daughter by deed, the deed was recorded and then her daughter died, the property would pass to the daughter's estate. It would then pass to the daughter's heirs according to her will or to the state laws of intestacy if she had no will.
If 2 people are on a home 1 signs over a quitclaim deed moves out and files bankruptcy will the other person loose the house do to the bankruptcy?
A quitclaim deed says the signer no longer has any ownership or responsibilities to the property in question. However, if there is a mortgage in the signers name, he or she is still responsible for that debt, even though they no longer own the property. If a person files bankruptcy after signing a quitclaim deed, any mortgage owed is still factored into the bankruptcy proceedings. If the court so deems it, and it is a common practice, filing a quitclaim deed just prior to filing for bankruptcy can be considered fraud. It is best to consult a bankruptcy attorney familiar with local laws prior to signing any document.
What if the grantor files bankruptcy after a warranty deed?
If the property was conveyed to avoid creditors the court has the authority to nullify the deed. The answer to your question depends on all the facts you have left out.
Will a deed in lieu of foreclosure appear on your credit report?
From what I have gathered so far, a forclosure is the worst thing for your credit next to bankruptcy, and a deed in lieu is just better than a forclosure.
Can your mom buy a house for you if you filed bankruptcy?
Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.
