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what will a quit deed do on a ch. 13?

Posted on: 05th May, 2010 08:58 pm
hi, my mom is filin ch. 13 and my dad isn't. the lawyer suggested they fill out a quit deed. they hav 2 houses n don't want to loose any them. my mom literally wants nothin thats in my dads name to be affected. what will the quit deed do?
Welcome oli_d,

Transferring property just before bankruptcy filing can be considered as fraudulent. The trustee can bring back the property to your mother's estate and sell it off to pay off the creditors. If your mother transfers the property to your father now, then she will have to file bankruptcy after a year.
Posted on: 05th May, 2010 11:53 pm
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