My mother transferred significant sums of money $70k to me in December. I heard you have to wait a year to file. I am just not sure if its a year or two. Not sure if it falls under which section of the BK code. I have taken care of her for 3 years she is ill. I alkso paid off some of her credit card debt but I am not sure how much. I just don't know if we are a candidate for Chapter 7. We want to throw in the house (325k) and the credit card debt ($75k) The house is just under water 100k. She is 55 and it would take her forever to get out of this. Has anyone dealt with preferential transfers or had a question come up in their meeting.
-
-
Your post begs the question, I suppose, if your mother had $70K to give you, why does she have $75K in debt?
In any event, that amount of cash is problematic for the BK. You need to seek legal advice. With that sort of transfer, that probably puts in the category of waiting 2 years. -
Oh yeah, I'd wait for as long as you can. Consult a few lawyers at that. When I was at my 341 meeting I over heard a case, the Trustee went back 8 years, and discovered undisclosed property transfers etc on this couple that was filing!
Regards, CatchmeifyoucanJuly 2006: Filed Ch13 :blink:
Oct 2006: Converted to Ch7 :clapping:
Jan 2007: DISCHARGED :clapping:
Nov 2007: CLOSED :yahoo::yahoo::yahoo:Comment
Comment