Posted on: 08th May, 2009 11:51 pm
my husband and i are 1/4 owners of a cabin with our 2 adult children and my brother. we want to take our names off the deed. we, my husband and i, will be filing bankruptcy in the near future - our children have been helping us with financial assistance for the past 3 years with the verbal understanding that we would assign our portion of the cabin to them. how do my husband and i get our names off the deed? since our agreement with our children was verbal, does the bankruptcy trustee have any right to this property? this property is located in colorado - no electricity, no running water, no well, no phone- it's a cabin - any help would be greatly appreciated.
Hi dreneherder,
You can transfer the property to your children with the help of a quitclaim deed. However, you would not be able to file bankruptcy for 1 year if you transfer the property now. This is because, if you file bankruptcy, then this transfer of the property can be considered as fraudulent and the trustee can take back the property from your children.
You can transfer the property to your children with the help of a quitclaim deed. However, you would not be able to file bankruptcy for 1 year if you transfer the property now. This is because, if you file bankruptcy, then this transfer of the property can be considered as fraudulent and the trustee can take back the property from your children.
Adonis is correct. You can give quitclaim to your kidsand waiti soem tiem and file for Bankruptcy.