Admin Table of Contents
Do bankruptcies clear liens?
You can eliminate certain types of liens in bankruptcy. Bankruptcy can help you wipe out many types of debts—but if the creditor has a lien on your property, you could still lose the property. The discharge—the order that wipes out qualifying debt—doesn’t remove liens and liens give creditors property rights.
Can I transfer property before bankruptcies?
If you give away any property before you file for bankruptcy, you must disclose that you did so. The bankruptcy trustee can take action to recover the property you transferred if the transfer occurred within two years before you filed your bankruptcy.
Can a lien be placed on a joint property?
Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under.
Can I file bankruptcy if I am on someone else’s deed?
This means that if you are on the deed to someone else’s home, you must disclose it on your bankruptcy papers (even if you think that you have no ownership interest despite being on title).
What happens to a quitclaim deed if you declare bankruptcy?
As a result, if the person who received property through a quitclaim deed needs to declare bankruptcy, that property they received through the quitclaim deed is a part of the person’s assets. The person declaring bankruptcy would need to include the property in the list off their assets on the appropriate bankruptcy paperwork.
What is the difference between a deed and a title?
In the context of real estate or property, a deed is a legal document that describes ownership over property, typically during the transfer from one person to another. The title of a property describes how said property is owned, and more specifically, who owns it.
Is My Name on the title but not on the mortgage?
Anyone who is on title or on the deed must consent to the fact that a mortgage is being placed as a lien against the property, as the property is being pledged as security to guaranty the repayment of the loan. So, if the lawyer is teling you that your name is not on the deed then it is not on the mortgage either…