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Quit Claim to son, Bankruptcy for Parents

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John Kim Guest	Posted: Wed Jun 30, 2010 9:33 pm    Post subject: Quit Claim to son, Bankruptcy for Parents Like 0 Dislike 0 Hello, this is for the state of Georgia. A Quit Claim deed was given by my parents to me approximately 3 years ago. After the quit claim deed was filed I refinanced the house. Within the last few years my parents have fallen on some tough times and are thinking about filing for bankruptcy. Would that bankruptcy effect the house that I live in now? The only name on the mortgage after the refinancing is my own. Thanks. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Jun 30, 2010 11:01 pm    Post subject: Like 0 Dislike 0 John Kim I think a real estate attorney will be able to guide you in this regard,so better consult any local real estate attorney. keep in touch.... _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Thu Jul 01, 2010 1:25 am    Post subject: Like 0 Dislike 0 Hi John, When your parents file bankruptcy, it won't affect the property as you are the owner of the property now. They won't be able to list your property in their bankruptcy filing. A real estate attorney won't be able to help you in this regard. If you want to consult an attorney, then you should look for the suggestions of a bankruptcy attorney. Take Care.

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