Stony Point, NY Bankruptcy Law Firms & Lawyers

In this scenario, the minor may be able to avoid responsibility on a statute of limitation defense if the creditor has not filed a lawsuit within 4 years of the breach (provided that no payments were made in the interim which would start the statute running all over again).

The first thing you need to understand is that it is impossible for him to get your name off the mortgage. I am sure he neither has the equity in the home or the credit to refinance the home. If there is only one mortgage, then if he stops paying it, they will ultimately foreclose. They will not be able to come after you for any money, but there will be a foreclosure on your credit. You can file a contempt motion in Divorce court, but what will that do for you? Nothing since what you want (your name off the mortgage) is impossible.

The reason you have to list this transfer is because the bankruptcy code says so. Whether you or your friend have to pay this money to the trustee will depend on whether this sale was made under terms that would be considered fair. For example, that the car was worth only the $4,500 you received for it, and not $15,000. A big part of bankruptcy is being willing to comply with the law, because even for something of low importance, violating the bankruptcy law can turn you into a criminal.