How long after you take your name off of a deed can you file bankruptcy?

by **teithi71** » Wed Oct 12, 2011 11:30 am

I had a bankruptcy interview and qualified. Later I found out that I was on a deed and that my aunt was going to take my name off it after hearing of my wanting to declare bankruptcy. My lawyer requested a copy of the deed, which my aunt refused. She controls my father's part of the deed and feels that the land will be taken away. My lawyer told me that taking my name off the deed is legal normally, but not in bankruptcy law. He also stated that he has to see the deed. I haven't declared bankruptcy because of finding out about my name on the deed after the initial interview. Is there a way to get another lawyer later on? Is there a period I can wait after my name is removed from the deed to legally declare bankruptcy?

by **eoforwic** » Wed Oct 12, 2011 11:35 am

Taking you name off the deed is as simple as you and your aunt selling the property to your aunt for $1 and filling out the paperwork at the county clerk's office. That's what we did with my mom's house when he died. Note, in that case you both have to act. She isn't removing your name by force. She can't simply "remove your name" because that would be like stealing your interest in the property.

I also don't understand what the problem is with the lawyer wanting a copy from your aunt and she not giving it. All the lawyer has to do is go down to the county clerk's office and get a copy. It's a public record. Many counties have all that stuff online!

EDIT: I've never heard of deeds listing tenants as a tenant relationship is somewhat temporary. Again, one can go to the county tax office and see copies of deeds and land records.

by **colfre** » Wed Oct 12, 2011 11:38 am

Your lawyer needs more information than you have provided. Your aunt cannot remove your interest in a parcel of land by "removing your name from a deed." If you are a party in title, you would have to sign a quit claim deed and have it recorded in order to remove your interest. The value of the property, what compensation you receive, and any cancellation of your debt that results from the execution of the deed all have to be considered.

You need to be open and honest with your lawyer. If you have a substantial interest in the property, it might be in your best interest to remain a party in title and file bankruptcy under Chapter 13 instead of Chapter 7. Your lawyer can advise you and protect your interests.

by **hurst** » Wed Oct 12, 2011 11:52 am

If you transfer interest in property (by "taking your name off the deed") then the bankruptcy trustee can reverse the transfer and step into your shoes to exercise your legal rights with regard to the property. This can be done up to 10 years after the transfer.

You don't have to rely on your aunt for a copy of the deed; go get a copy from the county recorder's office, and give it to your attorney. Your attorney wants to see the deed to protect you.

by **chavivi** » Wed Oct 12, 2011 11:56 am

You need to work with your lawyer. If you sign a quit claim deed, the BK and your creditors may look at it as a way you are hiding your interest in any assets you could sell to satisfy your BK debts. And they can go back as far a 3 years after the transfer.

You are listed as what is called "Tenants in Common" which means you can sell your interest in the land without you having to get permission from any of the other owners. And the court can order your interest sold - either to other family members or to a stranger, whoever comes up with the money first. You will jeopardize your dad's land if you file BK. Your lawyer may not be able to protect your best interest in the property - by law.

by **tonibraxton** » Wed Oct 12, 2011 12:03 pm

Why doesn't everyone go to the county court house (property office) and just take your name off the deed?
Sounds like the home has no mortgage. This would be no problem
Cost for this is about $40

If the home has a mortgage (loan) this cannot be done. The home will have to be re-financed under their names only
- You never knew that your name was on the deed to a home?
----
You have a right to be suspicious. Could she have taken out a loan on that land and forged your signature on the papers? The lawyer needs to take care of all this

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