Should I Sign My House Over to Someone Else Before I File Chapter 13 or Chapter 7?
The answer to this question is an emphatic no! Don’t do it! Picture me screaming, “No! No! No!”
When you come to court for your hearing before the trustee, they will specifically ask you whether or not you have transferred any assets within the last two years. If you don’t answer truthfully, you can go to jail for committing perjury.
In most cases, we can exempt your property as long as it is in your name. I can’t exempt a transfer. Many people are shocked to find out that the trustee has the power to undo transfers.
What if you have already transferred some land to a child/relative?
I think the best option is to file a Chapter 13 and pay back to the unsecured creditors the same amount of money that a Chapter 7 trustee would receive if he undid the transfer. How much money would a Chapter 7 trustee recover after selling the property? The answer to this question is the amount you need to pay back to your unsecured creditors to protect the transfer. Call me today at 706-295-0030 for your free consultation.