Okay, I guess its just a waiting game now of "when" not "if" I file. I will be filing alone since all the debt is in my name it is from a business expansion that failed. Hubby is very upset over losing his boat that's been in my name. He makes all the payments and does maintenance. The first attorney said that even though its a secured asset worth about whats owed on it, it would be considered a luxury item and would have to be surrendered and I wouldn't be allowed to reaffirm the loan. Well that isn't sitting well with the hubby and he wants to talk to the bank about putting the loan in his name and out of mine. I am afraid this would be deemed a fraudulent conveyance. I will be filing in about 6-9 months, Any suggestions on how to help him and not screw me is much appreciated!!
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If you think no one cares about you try missing a couple of payments. -
If I remember right, the look back period for a possible 'fraudulent conveyance' can be two years if not more. Do some searches on 'fraudulent conveyance' here and read of others' experience.
What state are you in?"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
Florida, Middle District. I told him it's better just to leave it and see what happens. I'd rather do it thru the atty to make sure it's not construed as fraud. It's not like it has a bunch of equity or anything but I guess appearances mean more than truth sometimes.If you think no one cares about you try missing a couple of payments.Comment
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Appearances can be everything. Have you decided on the attorney or do you still have some consults to do?
Good luck to you and DH"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Still haven't decided which atty, the one I am leaning toward is local and also a trustee. My thinking is he'd know what sets off red flags and the other trustees would trust him. He seemed very knowledgeable and didn't think he'd have any problems protecting my business which is more important than anything else to me at least. We are from a small town just outside of Orlando and I was really against using a local lawyer but all the big city ones just seem like mills. I stressed to him, privacy is extremely important to me because or owning a local business I don't want it's reputation ruined by my problems. Anything you can tell me is much appreciated, as of right now the stress is killing me!!If you think no one cares about you try missing a couple of payments.Comment
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I am kind of in the same situation. I am filing without my spouse and we have a boat in MY name, but it's actually my husbands & his friends boat. They split the payments each month equally. I took out the loan for them since at the time they both had bad credit. Now the friends credit is good and he can take out a loan for it. My attorney advised not to do this. My attorney also said that most likely the boat would be fine. My boat is a 28' 1989 boat. It's not a newer boat. My boat has no or little equity and they still owe money on it. He doesn't think it will be a problem and that I can reaffirm the loan? He said in this economy no trustee wants to take a boat that wont sell. Not sure if yours is a newer boat, but maybe you should speak to another attorney? I live in NY so maybe each state is different?Comment
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