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  1. #1

    Default Conveying Real-Estate to a Co-Owner Before Bankruptcy

    My question involves real estate located in the State of: Pennsylvania

    My parent's are in a situation where my mother has alot of credit card debt and wants to file bankruptcy, as she can no longer make payments on her cards. Both her name and my father's names are on the deed of the house, and my father's name is the only name on the mortgage. Since my mother is currently in some financial trouble, is there any way that the credit card companies can come after their house, since her name is on the deed?

    If so...can her name be taken off the deed, to ensure there house can not be taken from them?

    I appreciate any information that anyone can give.

  2. #2
    Join Date
    Sep 2005
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    Default Re: Co-Ownership With Only One Owner Named on the Mortgage

    If you give away assets in order to render yourself insolvent against creditors, you risk having your conveyance deemed a fraudulent transfer. As your mother is considering bankruptcy, she should discuss her assets and strategy with a bankruptcy lawyer.

  3. #3

    Default Re: Co-Ownership With Only One Owner Named on the Mortgage

    Is it typical for credit card companies to come after personal assets like a house, for debt? Or do they typically negotiate first?

    I just read something that a judgement or lien is all a credit card company can do...also it may not be wise to file for bankruptcy for 30k in credit card debt. It would make more sense, in my opinion, to "negotiate" for a settlement on that debt, instead of filing for bankruptcy.

  4. #4
    Join Date
    Jan 2006
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    38,867

    Default Re: Co-Ownership With Only One Owner Named on the Mortgage

    How is title to the property held between the husband and wife?

  5. #5

    Default Re: Co-Ownership With Only One Owner Named on the Mortgage

    From what my father told me, both there names are on the deed to the house.

  6. #6
    Join Date
    Jan 2006
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    38,867

    Default Re: Co-Ownership With Only One Owner Named on the Mortgage

    HOW were they listed?

    You have a choice of:

    tenants in common

    joint tenants

    tenants by the entirety

  7. #7
    Join Date
    Sep 2011
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    OH10
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    17,019

    Default Re: Conveying Real-Estate to a Co-Owner Before Bankruptcy

    Soooo. it appears mom can pay off the cards, but prefers to attempt to defraud the creditors. Otherwise why would you inquire about a negotiation for lower payoff.

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