Is this a problem in Chapter 7 - 8 months ago Debtor granted
Posted: Wed Jul 29, 2015 8:14 am
Debtor bought the house in 2007. He got married in 11/14 and granted his
house to himself and his new wife "as community property with right of
suvivorship". I think they meant this to be a joint tenancy. In any event,
there is no equity in the property. There was no value given for the
transfer.
Debtor was probably insolvent at the time of the transfer. Is this going
to be a problem if I file him in a Chapter 7? Even if the transfer were
avoided, there's no equity. (I can have him untransfer it prior to filing
the case, but his wife might divorce him if I do so.) Thoughts?
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
**Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208)
922-5100
Debtor bought the house in 2007. He got married in 11/14 and granted his house to himself and his new wife "as community property with right of suvivorship". I think they meant this to be a joint tenancy. In any event, there is no equity in the property. There was no value given for the transfer. Debtor was probably insolvent at the time of the transfer. Is this going to be a problem if I file him in a Chapter 7? Even if the transfer were avoided, there's no equity. (I can have him untransfer it prior to filing the case, but his wife might divorce him if I do so.) Thoughts?
The post was migrated from Yahoo.