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  1. #1

    Default Chapter 13 In Pennsylvania

    My question involves bankruptcy in the state of: Pennsylvania

    I had to file chapter 13 in pennsylvania. I am on a payment plan for 5 years. I am the sole owner on the deed to my home that is mortgaged. My parents have been paying the mortgage for me as I cannot afford it. They plan to move in my home when they retire then end of this year. I thought it would be best to add them to the deed. The mortgage company says this is ok and there is no clauses against it, even though I would be the only one on the mortgage.
    I called a title company and they are going to do the paperwork to add them to the deed. I am thinking this is best to protect my parents interest/money in the property. Any advice or suggestions? Is this a good idea?

  2. #2
    Join Date
    Sep 2005
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    98,846

    Default Re: Chapter 13 In Pennsylvania

    I would be careful, talk to your bankruptcy lawyer, and see about getting any transaction approved by the trustee in advance. You don't want to jeopardize your exemptions by transferring a substantial interest in your primary residence to a third party.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Chapter 13 In Pennsylvania

    Agree, talk to your lawyer. You want to be sure they don't consider this a fraudulent transfer (transferring an asset/part of an asset to others to keep it out of your bankruptcy estate).

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