How to protect an asset without committing fraud?

Get Legal Help Today

 Secured with SHA-256 Encryption

How to protect an asset without committing fraud?

I own a home with another person (not married). There’s little to no equity. We’re both on the loan and title. We went our separate ways amicably; in fact he co-signed a home loan for me recently on my now primary residence. He pays/lives in a house 1; I pay/llive in house 2. If I’m planning a bankruptcy filing, can I first take my name off the deed for house 1 so he doesn’t get dragged into the filing? Can I get my name taken off the loan through bankruptcy without affecting his credit? BTW: He can’t refinance house 1 in his name since there’s little to no equity.

Asked on March 30, 2012 under Bankruptcy Law, Massachusetts

Answers:

John Christiansen / McKell Christiansen Law

Answered 9 years ago | Contributor

Without reaffirming the loan, you will effectively be stripped from the legal obligation to repay the mortgage. Your filing bankruptcy will not affect his credit as long as he continues to make the payment. You could modify the titles, but you would need to disclose that on your statement of financial affairs and the transfer could be avoided by the trustee as a fraudulent transfer. As a general rule, playing with titles is normally less-advisable right before filing for bankruptcy


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption