For three years, I helped my mother hide money from my father in case they divorce. I placed her 77K in CD (certificate of deposit) under my name. She decided that she can finally trust him now and took the money back and opened up 77K in a CD under her name.
My main concern is this: I currently have 50K in unsecured debt (mainly from several years of bt for college and a car). My interest rate is very low on my credit cards and I was able to pay them off slowing after graduating from college. I work in sales and was making a decent income, but now I make less than half of what I used to due to the great economy. I am cutting expenses left and right, but still cannot manage to pay down the debt. Worse case scenario, if things don't change, I might have to file bk in about a year and a half from now when my cushion fund runs dry and I can't make min payments. What issues might I encountered for holding money for my mother? I can see that others might think that I am just doing a fraudulent transfer. Does anyone know what the look back period for the state of California?
My main concern is this: I currently have 50K in unsecured debt (mainly from several years of bt for college and a car). My interest rate is very low on my credit cards and I was able to pay them off slowing after graduating from college. I work in sales and was making a decent income, but now I make less than half of what I used to due to the great economy. I am cutting expenses left and right, but still cannot manage to pay down the debt. Worse case scenario, if things don't change, I might have to file bk in about a year and a half from now when my cushion fund runs dry and I can't make min payments. What issues might I encountered for holding money for my mother? I can see that others might think that I am just doing a fraudulent transfer. Does anyone know what the look back period for the state of California?
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