my parents are on the verge

dong_40 · Joined: 07 Apr 2008 Posts: 1 1.31 Dollars($)

My father owns two houses. One he lives in and one we gave him the deposit for and we live in. We were paying him the mortage and he was paying the bank. Subsequently my mother got sick and he had no choice, but to pay her medical bills.Now he is on the verge of bankrupycy. My name is no on the house. Can he quit claim it to us? We live in Florida.

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome dong.

Quitclaiming before filing Bankruptcy is generally considered as a fraudulent conveyance. So even if your father files bankruptcy he can at least avoid foreclosure.

By the way, are you thinking of filing chapter 13 or chapter 7. If you file chapter 7 then you will be released from your unsecured debts but it will affect your credit.

Let me know if you have any more questions.

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

Hi dong.

Welcome to the forum.

I thibk you can refinance the mortgage on your name only and be able to pay the monthly payments of the mortgage then your father can quitclaim the property to you and your father also need not to file bankruptcy.

feel free to ask if you have any further questions.

Best of luck,
Larry.

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