I have about $130,000 in debt. I own my home, but it is owned jointly with my father and has a $278,0000 mortgage on it. Can I take my name off the mortgage and then file for bankruptcy. Will the creditors still go after the home or this there a time frame from when my name is taken off the house and when I should file for bankruptcy.
transfer name off title to property prior to bankruptcy
posted by Questions @
1 Expert Comment:
At February 19, 2009 |
12:14 pm
, Barton Goth, Trustee in Bankruptcy Said...
No, taking your name off the mortgage will dramatically complicate your problems. If you did take your name off the mortgage and then filed for bankruptcy the transaction would very quickly be voided. The bankruptcy estate would then be registered against title to the property and your 50% share of the equity would then have to be realized upon. As well you will have committed an offense under the Bankruptcy and Insolvency Act and would not be eligible for an automatic discharge. So you are best to leave things as is, consult with a trustee and they will help you come up with a plan that won’t cause you as much difficulty.
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