People who are under financial pressure will frequently consider extreme measures. If you are attempting to avoid bankruptcy, before you take drastic measures, seek guidance from a professional.
One way people have been known to attempt to avoid bankruptcy is by taking their personal assets, like property and transferring ownership to another family member.
For example, assume that you have been paying on your home religiously and you only have another year to go before the mortgage is fully paid. However, recently you have had a series of financial reverses. For the first time in your life, you find you are struggling to pay your creditors. Should you convey your home to a trusted member of your family until you are able to resolve your financial difficulties?
You Wouldn’t Be the First, however…
If you were to do that, you would not be the first to do it and you will not be the last to do it. Debtors have made these type of conveyances for as long as there have been debtors that own property. It is the type of thing that can get creditors and judges extremely annoyed, and the consequences of this type of behavior can be significant.
It some rare instances it is possible to make a transfer like the one suggested above, but it requires your consultation with a competent attorney. In other words, do not make any changes to your assets without first talking to your attorney.
Here is the Good News
In our experience at the Bankruptcy Advocates, your financial difficulties are rarely as bleak as you or the collection agency that is calling you think, that it is. In most cases, we have been able to put together a game plan that will result in your extricating yourself from your financial distress.
If you are experiencing financial distress, it is not good for your health or your mental well-being. Give us a call. The initial consultation is free.
Southern Illinois Bankruptcy Attorney law firm Bankruptcy Advocates is located in Carbondale and serves a wide geographic community. The first consultation is always free. Give us a call at 618-549-9800 or email us at [email protected] to speak about your case or legal matter. Convenient appointment times are available.