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Land Transfer

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  • Land Transfer

    Back in 2011 I put one acre of land worth at the time $7000 into my wifes mothers name (before we were married). I did it to stop liens from being placed on it. Today the price of my land has crashed to $1500.

    Has enough time passed that if I file Ch 7 now they wont know about it? Do I have to even bring it up when I talk to a lawyer?


    thanks

  • #2
    Definitely bring it up when you talk to a lawyer. You should not hide anything that could possibly be an issue with your BK from your lawyer. You should not rely on a stranger on the internet to tell you whether or not it is an issue.

    It doesn't sound like you would have to list the transfer on your statement of financial affairs because it was more than 2 years ago and not to a self settled trust. Here's the form that you can review to make sure no questions would require you to disclose it: http://www.uscourts.gov/uscourts/Rul...rent/B_007.pdf

    But, the transfer is a public record and anybody can find out about it. I don't think it is an issue, but you should confirm that with an attorney.
    Last edited by LadyInTheRed; 01-11-2014, 09:37 PM.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


    • #3
      I believe that you would be okay.

      But you need to disclose this property transfer to any and all attorneys that you consult.

      Our best contributor, Des, is also from AZ. Wait until he puts in with an opinion before you panic,
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

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      • #4
        If the transfer (recording of the quit claim deed) happened more than 2 years prior to filing it does not have to be listed on question 10 of the SOFA. However, the Trustee has the right to recover such transfers if they happened within 4 years prior to filing.

        You need to discuss this with an attny. If you walked into my office, and considering the current value, my advice might just be to put the title back in your name before filing. Then list the asset on Schedule A with the current value and either let the Trustee sell it to whomever or, if you really want it, offer to buy it back.

        Des.

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        • #5
          I found the date
          (Recording date 7/6/2010) on the State site.

          So it was not 2011 I was wrong. I might just wait until 4 years has passed for the reason of saving the land from being taken. I never knew they had the right to go back 4 years. Wow.

          Me and my wife owe $3000 to the mother from when bought our home and she wouldn't hand over the deed until we paid her back. Me and my wife will be in college for another year and a half with no income to take so waiting it out is not a issue other then I wanted to start fixing my credit.

          thanks for the replies

          I will talk to an attorney spring break to get their view on this as well.

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