Gift vs. Fraud transfer question

[highlife]

We are planning on filing a CH13 soon. Just found out that my wife parnets transferred a piece of property they have into their children's names. The property is titled to all three children. The transfer was done years ago, but we just found out about it when we told them we would be filing a BK.

My attorney states that we should do a quit claim deed, rejecting the gift. There was no consideration in the transfer bfeore or after the new deed. therefore, the attorney thinks that he can argue it was not a fraudulent transfer because there was no consideration paid either before or after either of the transfers.

My concern is, that if this is not successful, wouldthis make our whole case get thrown out, or just the equity in the property have to be included in the CH13 payment plan. Any advice would be greatly appreciated.

[SMinGA]

Worst case scenario, if you cannot protect your wife's 1/3 value in the property with an exemption: that value creates a minimum amount to be repaid in the plan. So if its worth $15k, then you wife's portion is $5k and your plan must pay at least $5k to creditors.

So if your attorney's suggestion does not work, it should not result in your entire case being dismissed.