Comments on: Home equity line of credit to pay off debt…..then bankruptcy???? http://lineofcredithomeequity.info/uncategorized/home-equity-line-of-credit-to-pay-off-debt-then-bankruptcy/ Sun, 18 Jul 2010 17:56:03 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: Net Advisor™ http://lineofcredithomeequity.info/uncategorized/home-equity-line-of-credit-to-pay-off-debt-then-bankruptcy/comment-page-1/#comment-246 Net Advisor™ Sun, 07 Feb 2010 12:38:04 +0000 http://lineofcredithomeequity.info/uncategorized/home-equity-line-of-credit-to-pay-off-debt-then-bankruptcy/#comment-246 If you file BK, there is a law that talks about "preferential transfers." Here you took equity out to pay debt of another. The lender who could be stuck with the bad loan can claim it was a preferential transfer and attempt to ask to the court to foreclose both homes in order to be repaid. The transfers are generally looked 90 days and sometimes up to 12 months back on everything you did. I would highly seek the advice of both a BK attorney and an asset protection attorney to help you. Good Luck! If you file BK, there is a law that talks about "preferential transfers." Here you took equity out to pay debt of another. The lender who could be stuck with the bad loan can claim it was a preferential transfer and attempt to ask to the court to foreclose both homes in order to be repaid. The transfers are generally looked 90 days and sometimes up to 12 months back on everything you did.

I would highly seek the advice of both a BK attorney and an asset protection attorney to help you.

Good Luck!

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