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My friend is having some financial problems and may be forced to file bankruptcy. He said that he was thinking about using the quitdeed to me and then file bankruptcy in a year or so and then take it back. Can he did that? If I helped him would I be in trouble? Shocked

I would give it back to him because we have been friends since childhood. thanks

smithsussane · Posted: Mon Aug 16, 2010 10:05 pm Post subject:

Hi buttons!

Welcome to forums!

Once he quit claims the property to you, he won't be able to file bankruptcy immediately. He'll have to wait for minimum 1 year in order to file bankruptcy. If he files bankruptcy before that, he can be penalized for the transfer. You won't be in any problem if the property is transferred to you.

Feel free to ask if you've further queries.

Sussane

Guest

My Father is being treated for cancer...would like to quitdeed his home to my brother. However, my brother is currently in bankruptcy and losing his own home. Does this proclude my brother from having his name on the property?

adonis · Posted: Tue Sep 27, 2011 9:14 pm Post subject:

Welcome sunny,

If your father transfers the property to your brother now, the bankruptcy court may take it away from him and use it to pay off the creditors by selling it off. It will be better if your father can transfer the property to your brother few months after the bankruptcy discharge.

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