My question involves collection proceedings in the State of: Indiana
Hi I am a home owner and my house is paid off. My brother is a "silent" 1/2 owner because I live at the house and we are trying to sell and i am totally exempt from capital gains tax if we sell cause i have lived here for over 5 years. I have got myself into some serious credit debt with collectors calling me constantly everyday. Eventually they will get a judgement against me and have a lien on the property but it hasn't got to that stage yet. Also I just received an IRS tax audit saying I owe 2500 from their audit. I am making an agreement with them to pay a little each month. Is it smart for me to now just put the property in my brothers name and continue to pay a little to all creditors so some time can go by before they end up getting their judgement say about a year or so? Also we will hold off the sell of the property until things get better either through bankruptcy or settlements with creditors and then put it back in my name for a while before we sell. I have heard you can't just do these types of transactions too close to bankruptcies or after a judgement has been made so that's why I stated to "hold off" creditors a while after the transfer so it doesn't look like preferential transfer. What are the flaws in this type of strategy?
Hi I am a home owner and my house is paid off. My brother is a "silent" 1/2 owner because I live at the house and we are trying to sell and i am totally exempt from capital gains tax if we sell cause i have lived here for over 5 years. I have got myself into some serious credit debt with collectors calling me constantly everyday. Eventually they will get a judgement against me and have a lien on the property but it hasn't got to that stage yet. Also I just received an IRS tax audit saying I owe 2500 from their audit. I am making an agreement with them to pay a little each month. Is it smart for me to now just put the property in my brothers name and continue to pay a little to all creditors so some time can go by before they end up getting their judgement say about a year or so? Also we will hold off the sell of the property until things get better either through bankruptcy or settlements with creditors and then put it back in my name for a while before we sell. I have heard you can't just do these types of transactions too close to bankruptcies or after a judgement has been made so that's why I stated to "hold off" creditors a while after the transfer so it doesn't look like preferential transfer. What are the flaws in this type of strategy?
Collection Lawsuits: Out of Work and Have Collectors After Me
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