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82 year old dad $65,000 in debt which includes home he refinanced some years back. Looking at probably Chapter 7 to keep home and roof over his head as long as possible. No $$$ available to pay bankruptcy fees as after monthly bills paid, maybe $50 to last rest of month for food, gas and emergencies.

Would a Ladybird Deed help me sell home later and not have any fees/penalties on me? Dad in Detroit, Michigan, I'm in Texas so I'm making all kinds of phone calls for help. Talking with the Elderlaws organization but they can't help with Bankruptcy. How do we find an attorney that doesn't cost a zillion bucks? I've kept him current on all bills with exception of one. Suggestion has been to not pay creditcards due monthly in order to have $$$ needed to file bankruptcy.

Any ideas that might could help??

jameshogg · Posted: Wed Jul 08, 2009 8:35 pm Post subject:

Hi sharon,

As your father is planning to file Chapter 7 bankruptcy, it won't be a good option to transfer the property to you with a ladybird deed. This can be considered as a fraudulent transfer. If your father cannot afford a lawyer, he can check out the various federally funded programs which are available to help people with low income.

Thanks

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

it will be considered as fraud. your family is answerable for loan payment.

you can also think to apply for reverse mortgage as you can pay existing loan using loan fund.

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Ladybird Deed and Bankruptcy