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Is there a 2 years rule for property transfer?

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  • Is there a 2 years rule for property transfer?

    I transferred the title of a vacant land that I owned to my wife's name in June 2008 (going to be 2 years). If I go for Ch.13 in July, do I still need to show that in filing? or I dont have to show that as it's been more than 2 years? This is in state of florida. One of my friend is also a co-owner of this vacant land along with my wife now.

  • #2
    The look back period for real estate transfers is up to TEN years. The information is public record and easily available. Provide ONLY what the Trustee requests. The Trustee does not routinely ask for ten years of transfers. Your attorney will have a better idea based on your specific case.
    Filed CH 7 9/30/2008
    Discharged Jan 5, 2009! Closed Jan 18, 2009

    I am not an attorney. None of my advice is legal advice in any way..

    Comment


    • #3
      In a chapter 13, it doesn't really matter as much. In a 7 it could be an issue. Also, it depends on your state law for fraudulent conveyance. For example, the BK code provides for 2 years in most instances, but in CO, state law allows 4 years. So the BK trustee can routinely go back 4 years and as SO08 states, in some circumstances, they can go back 10 years.

      This thread has a good discussion of what the trustee must go through
      http://www.bkforum.com/showthread.php?t=53339

      Comment


      • #4
        F.y.i.

        Equitable Property State

        Florida is an "equitable distribution" state. Each spouse can retain their non-marital property.

        *

        No.

        Married couples can hold real and some personal property as Tenants By The Entirety, meaning the property is equally owned by both.

        Upon death of one spouse all TBE property becomes reverts to the surviving spouse and is not subject to probate procedure.

        Divorce severs the TBE, and automatically converts it to a Tenancy in Common real property is usually divided equally.

        Note: There are comments associated with this question. See the discussion page to add to the conversation.

        http://wiki.answers.com/Q/Is_Florida...property_state

        My question is, for what purpose was the property transferred only to your wife and then when did the third party get into this? 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

        Comment


        • #5
          Originally posted by AngelinaCatHub View Post
          Equitable Property State

          Florida is an "equitable distribution" state. Each spouse can retain their non-marital property.

          *

          No.

          Married couples can hold real and some personal property as Tenants By The Entirety, meaning the property is equally owned by both.

          Upon death of one spouse all TBE property becomes reverts to the surviving spouse and is not subject to probate procedure.

          Divorce severs the TBE, and automatically converts it to a Tenancy in Common real property is usually divided equally.

          Note: There are comments associated with this question. See the discussion page to add to the conversation.

          http://wiki.answers.com/Q/Is_Florida...property_state

          My question is, for what purpose was the property transferred only to your wife and then when did the third party get into this? 'Hub
          Third party (my friend)and me bought this property together in both of our names in 2005 when the market was at peak. The purpose for the property transfer of my interest to my wife's name is not to keep this property in my name. Seriously, I didn't even know what was bankruptcy at that time (2 years ago).

          Comment


          • #6
            Originally posted by smkrishna View Post
            Third party (my friend)and me bought this property together in both of our names in 2005 when the market was at peak. The purpose for the property transfer of my interest to my wife's name is not to keep this property in my name. Seriously, I didn't even know what was bankruptcy at that time (2 years ago).
            I believe you. Now here is something to consider: First if you and your friend purchased this, was it jointly as if he owns 50%, he can purchase the fair market value back from you in the event the Trustee sees this as a transfer of assets. Since you got this property while married, it does not matter that your wife is the only one who is on the deed. You purchased this while married, not before and therefore you and she still own it together. Only prenuptial property is protected from things like divorce and such can be contested as singly owned.

            You have a great question for your lawyer, but you have a 50/50 chance that this won't be questioned but by all means do not attempt to hide this. Fill the forms as guided by your lawyer. If the Trustee wants the asset, he can only get your part of it.

            Hope this helps. 'Hub
            If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

            Comment


            • #7
              In Florida purchases made by a married couple are assumed to be Tenants By The Entirety unless titled differently at time of purchase, in this case when the property was purchased he did not put his wife's name on the title thus it is not protected by Tenants By The Entirety

              Comment


              • #8
                Originally posted by AngelinaCatHub View Post
                Equitable Property State

                Florida is an "equitable distribution" state. Each spouse can retain their non-marital property.

                *

                No.

                Married couples can hold real and some personal property as Tenants By The Entirety, meaning the property is equally owned by both.

                Upon death of one spouse all TBE property becomes reverts to the surviving spouse and is not subject to probate procedure.

                Divorce severs the TBE, and automatically converts it to a Tenancy in Common real property is usually divided equally.

                Note: There are comments associated with this question. See the discussion page to add to the conversation.

                http://wiki.answers.com/Q/Is_Florida...property_state

                My question is, for what purpose was the property transferred only to your wife and then when did the third party get into this? 'Hub
                Could you clarify that a divorce severs joint ownership? Is that automatic? My X and I still own the marital home titled jointly. Court ordered it sold and I get 60% of profit. But if one or the other dies, is there still a right of survivorship?

                Comment


                • #9
                  Quote: "Since you got this property while married, it does not matter that your wife is the only one who is on the deed. You purchased this while married, not before and therefore you and she still own it together. Only prenuptial property is protected from things like divorce and such can be contested as singly owned."

                  With all due respect my understanding is that indeed as a married person in Florida I CAN buy and own my own property and it sure would make a difference if my spouse is neither on the deed nor the mortgage....
                  same with owning a vehicle: if I buy a car in my name alone it it does make a difference, as it surely is MINE and not my wife's.....

                  Comment


                  • #10
                    This thread seems to seriously confuse the concept of property ownership in Florida FAMILY LAW cases with the concept of property ownership in Florida BANKRUPTCY cases.

                    While any property purchased during the marriage could be equitably divided during a dissolution of marriage proceeding, even if purchased only in the name of one spouse, that DOES NOT MEAN that any property purchased during the marriage is automatically owned as TBE or "50% - 50%" for bankruptcy purposes.

                    Depending upon the present fair market value of the land, you may need to wait four years post-transfer to file bankruptcy, as any transfers during this time period COULD be avoided by the Trustee. The standard period is two years, however if any creditor would have actual standing to avoid the transfer in state court, the trustee could avoid the transfer for up to four years.

                    Comment


                    • #11
                      This scares me a little.

                      In 2003/2004 my name was added to my parents' house to help them avoid foreclosure and refinance. In 2006 they refinanced and my name was removed.

                      I'm now filing chapter 7, and my state allows a 4 year lookback (PA)

                      Wouldn't the trustee have to prove that this was a fraudulent transfer or an attempt to hide assets, in order to void the transfer?

                      Comment

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