My question involves bankruptcy in the state of: New York
My wife and I are getting a divorce(through mediation). As part of the divorce I'm keeping the house and she is going to sign a Quit Claim. The house has has essentially no value. It is assessed for $99,000, we own $88,000, and have a HELOC in the amount of $8,800. That makes the equity in the house $2,200. I'm giving her $2,000 for the house(more than her half of the equity). My wife has considered the possibility of Bankruptcy after I refinance the house and the Quit Claim is signed. I am concerned about how this might effect me. It was suggested to me that a Trustee in a Bankruptcy could claim that the quit claim was fraudulent and come after me for part of the equity in the house or something to that effect. How do I protect myself? Is just having good documentation (tax assessment, mortgage, and HELOC statements) enough? or are there other things I need to do?

