If my husband has $21,000 in credit card debt in his name only but his only income is disability, can we transfer our assests to my name?
Question Details:
We do not want to loose our assets (car, cycle, RV) but are unsure of how far back a judge looks at transfer of names, etc.
Hi there,
It really depends on the trustee as to how far back they would look to get a picture of the debtor's situation, but in terms of transfer that can be deemed fraudulent and reversed, it's limited to those transfers completed within one year prior to the date of filing for bankruptcy. Transfers made within a year either for no value or for less than fair value may be deemed a "fraudulent conveyance" by the court, and subject to reversal. The trustee might also object to a discharge in such circumstances. You should consult with a qualified bankrutpcy attorney to ensure you avoid such an outcome.
