Posted on: 15th Nov, 2012 11:48 am
my sisters and i inherited a little over 5 acres of property that is out in the middle of nowhere in oklahoma. i turned my share over to one of my sisters several months ago for a debt that i owed her. there has never been a quit claim deed on the property even tho i gave her all the paperwork. she is not worried that anything might happen to it. my question is, will this effect possibly being able to file bankruptcy? i have been laid off from my job and unemployment is minimal at best and employment opportunities are few right now.
thanks
thanks
While filing your bankruptcy petition you have to list all of your assets and submit the documents in the court. Since you have already transferred the property papers in your sister's name, in this case the court might not consider it as one of your assets. However, quit claim deed would have been the best in case of transferring the ownership to your sister. So, now it is best to consult a bk attorney in this regard.
Thank you for your help. How bad would it look if we did it just right before we talk to an attorney about option in bankruptcy?
I just don't want the court to think we are trying to be dishonest.
Hi catsafterme!
Welcome to forums!
If the property is in your name at the time of bankruptcy filing, then you will have to list the property as your asset. If you don't do so, your bankruptcy filing can get dismissed. If you transfer the property just before bankruptcy filing, then the bankruptcy trustee can take legal actions against you. It will be better if you could contact an attorney and take his help in this regard before taking any further step.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property is in your name at the time of bankruptcy filing, then you will have to list the property as your asset. If you don't do so, your bankruptcy filing can get dismissed. If you transfer the property just before bankruptcy filing, then the bankruptcy trustee can take legal actions against you. It will be better if you could contact an attorney and take his help in this regard before taking any further step.
Feel free to ask if you've further queries.
Sussane