ex husband filed bankruptcy-will I lose my house
Question: my ex husband filed bankruptcy last week only one week after turning the title of the house over to me. Will i be effected?
Answer: It depends on a number of factors. Your ex-husband's trustee must investigate all real estate transfers over the past five years. The first issue will be whether or not there was any equity in the house at the time of the transfer. If the value of the house was about the same as the amount owing on the mortgage, there was no equity, so it should not be an issue.
If the house did have equity, the trustee will then investigate why the house was transferred to you. If you had a legal separation agreement where you were to receive the house, it is likely that you will not be effected.
As this is a complicated area of law, we suggested you contact your divorce lawyer to review your situation and advise you on how to protect yourself in this situation.
Answer: It depends on a number of factors. Your ex-husband's trustee must investigate all real estate transfers over the past five years. The first issue will be whether or not there was any equity in the house at the time of the transfer. If the value of the house was about the same as the amount owing on the mortgage, there was no equity, so it should not be an issue.
If the house did have equity, the trustee will then investigate why the house was transferred to you. If you had a legal separation agreement where you were to receive the house, it is likely that you will not be effected.
As this is a complicated area of law, we suggested you contact your divorce lawyer to review your situation and advise you on how to protect yourself in this situation.
Labels: bankruptcy, divorce
posted by Questions @ 10:52 PM
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