Q: Am I allowed to sign my house over to my kid if I declare bankruptcy?
A: Not sure what you are asking. If you are contemplating taking that action prior to filing bankruptcy, then my answer is no - don't do it. I urge you to consult with an experienced bankruptcy attorney to provide you guidance on this issue. If you are considering this action for after your bankruptcy has been completed, I would need more information about why you are doing this. If you want to supplement your question with more information and re-submit it, I will take another look at it.
If you declare a Chapter 13 bankruptcy, your assets must remain in your name, unless you get permission from the Court to transfer the asset. Also, you should not transfer assets prior to filing without speaking to a bankruptcy attorney to ascertain all of the possible consequences
In a Chapter 7 bankruptcy, you should not transfer assets out of your name prior to bankruptcy and you are not allowed to while you are in bankruptcy. Again, you need to speak to a bankruptcy attorney prior to changing title to any of your property, or you could find yourself losing assets that you intend on keeping.
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