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Transfering real estate in chapter 7

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Paddy628

Guest
What is the name of your state? OR

My state allows you to have up to $30,000 of equity
in your home before they can touch it. I only have about
$10,000 of equity in my house. My question is...
Can I transfer the title of my home to someone before
or while I'm in chapter 7 since I don't have enough equity
in my house to be considerd an asset yet.

Thanks
 


Ladynred

Senior Member
No, you cannot. It would be considered a fraudulent transfer and construed as bankruptcy fraud.

If you're nowhere near the exemption, what are you worried about, you won't lose anything.
 

HomeGuru

Senior Member
Paddy628 said:
What is the name of your state? OR

My state allows you to have up to $30,000 of equity
in your home before they can touch it. I only have about
$10,000 of equity in my house. My question is...
Can I transfer the title of my home to someone before
or while I'm in chapter 7 since I don't have enough equity
in my house to be considerd an asset yet.

Thanks
**A: You can not transfer interest unless you sell the property. You have nothing to worry about unless you are in default on your mortgage.
 

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