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Transferring Ownership of Property to family member that has major credit card debt.

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Angel27

Junior Member
What is the name of your state? Georgia is my state. I am a 42 yr.old female on Social Security Disability...income of $661.00 monthly. As of Jan.2006, I lost my life partner and their income. Thus, not being able to pay My Credit Card (16) accounts. Then, approx. balance $24,000.00. Now with no payments and late fees...etc...Approx.$40,000.00. I only own my 1995 single wide mobile home I live in...no land, vehicles or other forms of assets. I am also on Food Stamps $43.00 monthly. No money to pay a bankruptcy.
My father passed away Dec.2004...long story short...The land and mobile home He had was Willed to be transferred into Me and My Mothers name together. Only valued at approx.$30,000.00. Will was Probated...Finalization of Probating Will is tomorrow, Thurs. Oct.19,2006. Due to the extra expenses for Probate and transfer of Title Ownership and age of my Mother...Mother wants to go ahead and put property in My Name Solely. Question...If We do this, Can the Credit card companies "I" owe come after Her Property? If I am the sole owner of the property? OR... If Me and My mother co-own the property can they come after Her property? Looking for advice on whether to leave the property in My Mothers name solely, Put it in Both Our Names or Would it be safe to have in my name under my financial situation? Request for RSVP reply is appreciated. Thank You... Respectively...Have a Blessed Day... B.Wright.
 


divgradcurl

Senior Member
If your name is the only name on the deed, then it is 100% your property, and 100% of the value of the property can be used to satisfy your debts.

If both your name and your mom's name is on the deed, then only your interest in the house can be used to satisfy your debts -- your mom's portion remains hers, the creditors cannot touch it.
 

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