Property Transfer Question

[kc1832]

[SMinGA]

You cannot/should not transfer property in order to try and keep it away from the bankruptcy. That would be a clear case of fraud and would probably do more harm than good.

Research your state's exemptions. You should at least be able to protect some of that value.

[kc1832]

Great thanks for the info.

[HHM]

That would be a big problem if you quit claim it. Property records are easily found. Sounds like this is not the first time you have tried to game the system (I don't mean that in a bad way, per se); why was a piece of property purchased by a "business associate" put in your name only? Also, with the tax issues, your BK could be fraught with issues, so no need to make it worse by doing something that is OBVIOUSLY a problem.

[justbroke]

As already stated, it's going to be difficult to transfer that property and file bankruptcy, unless you actually sell the home for it's value. Even so, you'd still have to account for the $100K.

If you're having Tax issues, the IRS will probably find the property soon and levy against it. What are your tax issues?