On deed want to file chap 7

[jsdison777]

I am on my mothers deed to her house. I am not on the mortgage, have never paid on the house and have no monetary interest in the home.

I own my own home and will use my exemption on that.

If I quit claim the deed to my mom how long do i have to wait to file bk?

I do not want any of my creditors to attach leins against my mothers property, what should I do?

Is chapter 13 a option?

I owe 22k to cc, 4k to medical, and 14k to student loans. with very little dmi at the end of the month.

[MSbklawyer]

I am on my mothers deed to her house. I am not on the mortgage, have never paid on the house and have no monetary interest in the home.

I own my own home and will use my exemption on that.

If I quit claim the deed to my mom how long do i have to wait to file bk?

Two years for it not to be treated as a fraudulent conveyance.

I do not want any of my creditors to attach leins against my mothers property, what should I do?

Is chapter 13 a option?

Does your mom's house have any equity above the amount of the lien? And if so, how much? That's the important thing. If there's no equity above the lien, you are, in effect, co-owner of nothing. The trustee won't be interested in the house.

If there IS equity, you still might be able to exempt it, depending on your state, under a wild-card or some other exemption. If it is not exemptable, you'll have to pay an amount equivalent to your share of the equity in a 13.

I owe 22k to cc, 4k to medical, and 14k to student loans. with very little dmi at the end of the month.

[jsdison777]

Thank you for the reply. I live in Florida, and I believe she owes lets say 193,000.00 on the note and the house may be worth 220,000.00? not 100% sure.... wow I am screwed it seems. I will more than likely be sued by two years or a lien placed upon my personal residence.... I know I will not be able to pay 15,000.00 plus in a chapter 13 on top of all my 22k un secured i would have to pay back....

No end in sight.

Thanks,
JSD

[jsdison777]

One more thing she has went through chapter 7 a year and half ago, and exempted the house that I am now having to figure stuff out on.... UGHHHH why did I let my Dad years ago sign is half of the house into my name..... oh yeah thats right to save the house for my mother because in thier divorce he did not want her to have the place.... I guess thats what i get for being the good son lol. I need new options.

[MSbklawyer]

I need new options.

How 'bout this: Check with your bk lawyer first to make sure it will fly under Florida law, but your mom could go to the bank and borrow $27,000 against the home to buy that new car she so desperately needs. That would bring the equity in the house down to zero. I'm not saying this is the way to go, but it's something you could discuss with your bk lawyer.