Posted on: 23rd Jan, 2008 06:43 am
Hi, I'm thinking about filing for bankruptcy. I have a property ( not my home) that I own free and clear. My son would like to have it. Can I quit claim it to him so it won't be taken. Thanks Jen
Why dont you sell it and payoff your debts?
BK laws are getting stricter...and this will come to light.
Your son will also probably need to pay taxes if you 'gift' it to him.
BK laws are getting stricter...and this will come to light.
Your son will also probably need to pay taxes if you 'gift' it to him.
Hi Jen,
I agree with banker that you can try to sell the property and pay the debt off. Otherwise if you quitclaim before filing BK, it will be considered fraudulent conveyance.
I have answered s similar question at http://www.mortgagefit.com/bankruptcy/quitclaim-protectproperty.html
You can check this out.
Feel free to ask if you have any further questions.
Best of luck,
Larry
I agree with banker that you can try to sell the property and pay the debt off. Otherwise if you quitclaim before filing BK, it will be considered fraudulent conveyance.
I have answered s similar question at http://www.mortgagefit.com/bankruptcy/quitclaim-protectproperty.html
You can check this out.
Feel free to ask if you have any further questions.
Best of luck,
Larry
The bankruptcy courts will see this and could turn down your bk. I would advise against this. I think you may have to use the equity in that home to pay your debts as the others have suggested here as well.