What is a safe time to Quit Deed my paid home?

[wayout]

Well I know all of the above and more...thanks, you see you have to have a job to get loans.
Except if you did what I did was to pay with credit cards for everything till now where I can hardly hold on...

[ValleYum]

Well I know all of the above and more...thanks, you see you have to have a job to get loans.
Except if you did what I did was to pay with credit cards for everything till now where I can hardly hold on...

An honest bankruptcy will allow you to hold on to 75k...

[wayout]

My last question is; If I ignore the creditors can they just put liens on the house without forcing me out?
And have to wait for me to sell it?

[AngelinaCatHub]

My last question is; If I ignore the creditors can they just put liens on the house without forcing me out?
And have to wait for me to sell it?

Not knowing your State's Homestead law, here in Florida, they Cannot take your house at all. They can lien it to death but they cannot take it. Their only solution is, if you sell it, the lien must be satisfied. When you die, (all of us will dern it), the estate will be disbursed. As far as beating the system, if you wish to keep your house, take the Judgment hits and have nothing of real value but your house and any exempt property value. They can and probably will make you depose what you own. If you are now living off of SS or a retirement I think in your state that too is exempt. "Constructive bk" actually can get you some Federal time, so make sure you now what you are doing. 'Hub

[keepsmiling]

Yes they can (in BK) take what ever you got that has value and sell it after exemptions. I checked over and over.....

Keepmine, seems you may be right. I just have to go to a lawyer to see. I'm just embarrassed to ask them
'how to hide my assets' to stiff the creditors! Sad

My bad. It CAN happen but my dh atty said this doesn't usually happen as the house could wind up selling at sheriff sale for less than your exemption.

[wayout]

So far I've found little on paid homes but the word in my general area,(CT,NY) unsecured debtors can't take your paid home. They can put lien's on it till sold off if ever. This is after a judgement in their favor.

So in my fantasy world of unlimited debt (not suggesting just dreaming), if you could some how raise your debt limits
(paying Paul with Mary?) whatever...you could pay your home off and avoid BK.

I know this is wrong and I would never do this...it's more towards what I think about when I see my neighbors wife
sun tanning by the pool sort of thing...

I Googled largest Credit card dept recorded...WOW

[keepsmiling]

You just now told us your income situation. Which matters Can you rent out a room?
You might be best off getting your 75K from the tt so you have something to live on.

Although, others have tried (Kev? You out there? wasn't that you?) and it didn't go the way they hoped.

[keepsmiling]

Here's a thought... get married.... then you can double your exemption?
some nice lady in your life?

[wayout]

^^^ I tried that twice...they took more than any creditors could. What keeps me afloat is cash work I do.
I'm handy on Craigslist for painting and labor jobs.

[wayout]

My reasoning is when BK comes along it stays with you for 10 years I heard.
Poor credit can be cleaned up in two or three years...

[despritfreya]

Here is "how" you do it. . . Set up an offshore trust in the Cook Islands (that costs about $30K).
Then, have a bank in Nevis (Carribbean) take out a mortgage against your house, interest only payment (doubt you meet the minimums, I think the loan needs to be more than $750,000) The proceeds of the loan are transferred to a Certificate to Deposit in the Cook Islands that is owned by your Offshort Trust, that pays 1% more in interest than the mortgage note. The interest on the CD pays the interest only payment in Nevis. That is how you protect your house against creditors Reason being, US courts have no jurisdiction or treaty with those countries.. . .

HHM,

I have not finished reading this amusing thread but I had to stop and comment on this. Don't be so sure this will work. If you get a chance to spend some time on PACER (District of Arizona) check out In re Demoff - Case No. 2:10-bk-00303. This debtor will eventually be going to Club Fed.

Des.

[justbroke]

Personally, I don't like the thoughts of purposefully (willfully) hindering, delaying or defrauding creditors. HHM presented the only viable option, but even that could lead you into trouble if anyone could prove that you did this to defraud creditors.

I wonder if Demoff is related to Madoff.

[wayout]

My first question was how much time BEFORE filing BK is safe to warranty deed my home to someone I trust to avoid the creditors in seizing it or whatever.

[despritfreya]

I wonder if Demoff is related to Madoff.

Funny you should say that 'cause a Ponzi scheme was/is involved.

Des.

[wayout]

Ponzi scheme? Senario one: I lost my job. I go into a bank and rob it for 50,000...get caught, go to jail for 30 years or whatever.

#2: I lost my job. Run up my CC cards up to 50,000 file BK...walk away.

Who is more guilty?