Expert: Terry Leeders - 1/6/2008

Question
Hello, I'm in South Carolina, so I don't know if things are different from state to state on this.  I have been divorced for a few years, but the house my husband kept in the divorce is still in both of our names.  There is no animosity between us, so neither one of us was in any rush to get the house out of my name.  I confronted him that I needed to file chapter 7 and didn't want it to have an affect on him, of course, so he said he would get a quit claim deed to have my name taken off.  Is this all he needs to do and can it be done quickly because I need to file urgently?

Thanks in advance for your time.
Nancy

Answer
To transfer title, he would quitclaim the interest to you and you would record the quitclaim with your local office (in Chicago it is the Cook County Recorder of Deeds) Your divorce lawyer can help you.  The value of your home and the balance owed on the mortgages comes into play with your bankruptcy.  Each state has exemptions to protect a portion of the equity, so I would speak to a local bankruptcy lawyer to verify what can be protected in your case.