Before filling for Bankruptcy should I put my property under one my children's name?

My son's just paid-off my property but I am thinking of filling for bankruptcy, not sure what to do with my property. Some one please offer me some advice. I never thought I would be in this kind of situation.

Before filling for Bankruptcy should I put my property under one my children's name?
If it's YOUR property you can sell it and hopefully avoid filing for bankruptcy. You can probably avoid bankruptcy anyway; it's not an easy way out - it's a super super hard way out and if your life stays relatively the same afterwards you will likely land yourself in too-deep debt again. If the property is in essence your son's since obviously he has paid it off then why not have it in his name anyway? If it's his then it's his, if it's yours then you're not bankrupt, and I'd say sell it, pay off some debt, move into a cheap rental for a while, and work your tail off. Work your tail off anyway because in almost all cases all it takes to get out of this situation is a ton of hard work and lots of sacrifices. No excuses; there may be some things you can't do but there are definitely things you can. Sell your stuff, get an additional part-time job (I've worked with plenty women above retirement age - don't know how old you are - when I worked in retail, and my grandma sold Avon til her dying day), and call your creditors to negotiate repayment. You better be on a budget! You can get free in-person counseling from Crown Financial Ministries by calling (800)722-1976. Check out www.crown.org and www.daveramsey.com.





I'm no expert and I don't know the details of your situation. My sister and her husband just recently filed for bankruptcy and I can't say it's improved much of anything, at least in the short term and until they really start being smart and stop making excuses (and stop relying on my broke mom for everything they can't afford). But it was a long, expensive, frustrating process just to file. My husband and I have been stupid in the past and are in debt for an amount higher than his yearly income. You never thought you'd be in this situation but unless you plan that bad things will at some point happen you'll never be prepared for them. My husband and I are a young couple, married 2.5 years and expecting our first baby in 2 months. We've been 6 months behind on most of our payments, and 3陆 weeks ago decided we needed to get this taken care of. 3陆 weeks ago we made our first budget and it's been tough. We've been trying to give everyone a piece of the pie just to avoid neglecting the creditors for yet another month. We're living off rice and beans and I'm not putting the clothes in the dryer to save that dollar in quarters for another load. I sold my smaller TV for $50 just when we would have been short $50. My husband quit smoking early (he was planning on waiting til the baby was born) to save us that $100 a month. We have additionally sold $350 worth of stuff and hopefully another $40 is coming within the next week. We have an 11 year old car that we share. We have the cheapest internet they would offer us but we may cancel that soon too. I can't work right now being so pregnant without a car but I'm certainly busy at home figuring ways to stretch these dollars (like hanging the laundry all over the house to dry and searching for cheap meal recipes), and if we need to, my husband will temporarily get a second job delivering pizza (he already works over 50 hours a week) or give plasma for cash. We are down to the penny each week trying to get caught up, and it's working. In 3陆 weeks we are caught up with the past due amounts on 3 out of 8 credit cards, and have worked out a payment plan for one that got charged-off, as well as a payment plan for our state taxes. We mailed rent today, on time for the first time in months. We will have paid the past-due amounts on our utilities soon. This is in 3陆 weeks!!! Before we just wondered where the money would come from and where it was going, and now if we don't have enough we do something to get it, and we tell it exactly where to go. Our goal is to do whatever we can to be caught up with everything by the end of the year and have at least $500 saved towards the unexpected costs of adjusting to a new baby. We have had to have the hard conversations with family telling them if we do Christmas at all this year it will be cheap with each family getting one gift, and it won't be til the end of January, and we also can't afford to make the 2 hour trip to see them at Thanksgiving (fortunately my in-laws offered some gas money for that end after we told them). But we have goals and we have a plan (following Dave Ramsey's plan once we're caught up) and we have hope and peace for the first time. The poorer we live now the sooner we won't be poor.





I really hope and pray that you can get out of this situation and avoid bankruptcy. Do your research and remember that if it seems like the easy way out, it's probably not a good way to go. Debt consolidation/management services will rip you off, and the only way to pay off debt is to pay more, not less. If you need help, get help in the form of advice by calling (800)722-1976 for the Crown Financial advisors. I wish you all the best and you'll be in my prayers.
Reply:If you file for bankruptcy too soon after putting in their name it is possible that they will into trying to take back that property. You might want to check with a bankruptcy attorney first. I am not sure why you are filling for bankruptcy, but that kind of thing can follow you around for years.
Reply:Be very careful about doing this. In bankruptcy court if it looks like you are hiding assets, that can be reason for denying the discharge of debt. Filing for bankruptcy is not automatic. The court has to sign off on it. Plus, they have up to a year to revoke the discharge if they believe that a fraud has been committed.
Reply:you are in this situation b/c of republicans..





anyways, YES, put your property in some one elses name. Antyhing u own is fair game during a bankruptcy
Reply:Your son will have to pay big-time taxes for the "gift" of your house.