Chapter 7 seperate property issue
This is a discussion on Chapter 7 seperate property issue within the Consumer Bankruptcy forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; Subject: seperate property petition Texas/Fed chapter 7. Question: Does 90 day transfer rule apply for petitioning community property to "seperate ...
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#1 |
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Subject: seperate property petition Texas/Fed chapter 7. Question: Does 90 day transfer rule apply for petitioning community property to "seperate property status" even tho wife is already named owner of "stock" to be petitioned, but acquired after marriage, and why does the trustees "list" require 4 year back records on all such transfers, documents, record,accts, etc? Is four years the limit?
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#2 |
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Join Date: Feb 2007
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[Does 90 day transfer rule apply for petitioning community property to "separate property status" even tho wife is already named owner of "stock" to be petitioned, but acquired after marriage]
What is actually happening, not sure we follow your question? You mean so that it can be not a part of the bankruptcy estate of whoever declared bankruptcy here? |
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I ( the husband) plan to file a chapter 7 to discharge an old judgement of $500,000 I have no assets except a 50 acre homestead with , my wife of 30 yrs. which is exempt property persutant to Texas statue 41.001 & 41002 if claimed. My wife however has subtanital assets which most likely would be "community property"she owns 98% of a staight Texas C corp. our son owns 2%. 1/2 of my wifes 98% ownership (the community half) would satisfy this judgement if the trustee went after it. She incorporated the business in 1995 and is clearly the chief operating officer.The corp. is in good standing and is not my alter ego. If we petition our property as "seperate property" at this point will the trustee reverse it as a Fraudulent transfer? How long must we wait after petitioning property as seperate B-4 I can file a chapter 7 to discharge the judgement?
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