Q: Hello, I am wondering, Can I sell my home in my name to my spouse if I plan on filing bankruptcy within a few months
We are recently separated, AND it would be for what is currently owed.
A: Maybe. Are you selling it for actual value (equity)? If not, it may be considered a fraudulent conveyance.
Timothy Denison agrees with this answer
1 user found this answer helpful
A:
Ms. Lipan's answer is correct, I think, as far as it goes.
Yes, for bankruptcy purposes (and some Indiana state laws), the amount you receive for your interest in property needs to be the fair/market value (and be able to prove that).
But there is another field of law to consider, and that is Indiana's domestic relations law. Just an example, but if a divorce case is filed, after your separated wife takes on debt to purchase your interest, a court may saddle you with that debt as either support or by way of property division.
It behooves you to speak with an experienced Indiana domestic relations lawyer. Bankruptcy law and courts largely defer to states' domestic relations laws. While there are bankruptcy rules to observe here, it's the Indiana divorce law that's gonna wag this dog.
Timothy Denison agrees with this answer
A: Yes, possibly if you are selling it to her for fair market value.
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