How to protect your assets if someone charges large amounts to your credit card without permission?
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How to protect your assets if someone charges large amounts to your credit card without permission?
My mother is 82 years old. My sister has charged $30,000 on a credit card in my mother’s name. My mom wants to file bankruptcy to get this off her credit. Would this help her? She just recently put her house in my name and my sister’s who made all these charges, so that her house could not be taken away. What can be done?
Asked on June 28, 2011 under Bankruptcy Law, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Well first of all I would strongly suggest that you gt the house OUT of your sisters name before she does something to effect the value and equity. As for the bankruptcy issue, she needs to seek consultation from an attorney that can look at her entire financial situation. And let me tell you that transferring the house to avoid payment of creditors does not generally hold. If you transfer within a certain time frame before you file for bankruptcy the transfer can be voided. It is obvious that your Mother does not want to turn in your sister for fraud. What may be best is to take out a home equity loan to pay off the debt and have your sister sign a note to repay your Mom and the estate. Remember that she get a portion of your Mother's estate when she passes away and that money paid out should be deducted from her inheritance - plus interest. Good luck.
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