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sharon.banister
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 Posted: Wed Jul 08, 2009 6:45 pm Post subject: Ladybird Deed and Bankruptcy |
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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??
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 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed Jul 08, 2009 8:35 pm Post subject: |
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Hi sharon,
As your father is planning to file Chapter 7 bankruptcy, it won't be a good option to transfer the property to you with a ladybird deed. This can be considered as a fraudulent transfer. If your father cannot afford a lawyer, he can check out the various federally funded programs which are available to help people with low income.
Thanks |
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robertsmith2005
Joined: 22 May 2009
Posts: 338
-0.33 Dollars($)
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| Posted: Thu Jul 09, 2009 8:10 am Post subject: |
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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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