quit claim

glsepter · Joined: 23 Jan 2008 Posts: 1 1.32 Dollars($)

Hi, I'm thinking about filing for bankruptcy. I own a property that is free and clear ( not my home). My son would like to have it. Can I quit claim it to him so it won't be taken? Thanks

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi glsepter,

Welcome to the forum.

If you quitclaim a property just before you are filing Bankruptcy, it is considered as a fraudulent conveyance. You have said "My son would like to have it. ". But right now you are the owner of the property, right. So if you quitclaim now before filing BK, you may face problem. So better consult an attorney before taking any stapes.

Feel free to ask if you have any further questions.

Best of luck,
Larry

blue · Posted: Wed Jan 23, 2008 2:28 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

Do not quit claim the property now as you are thinking of filing Bankruptcy. It will only increase your problem as larry has also mentioned above. Better try to sell the property and pay off the debt. You are the owner of the property still now. Not your son. So quitclaim will be viewed as larry has said “fraudulent conveyance”

Do let me know if you have any other questions.

Thanks
Blue

kpatrick · Posted: Wed Jan 23, 2008 3:38 pm Post subject:

What if glsepter sold the house to his son and did owner financing? Would that be an option?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Kim,

You have given a great suggestion. Hey glsepter, you can try out Kim's suggestion. But the fact that comes in my mind is your is a situation to buy the house from you.

Do let us know what you have decided.

Best of luck,
Larry

All times are GMT - 7 Hours

Page 1 of 1