Posted on: 15th Aug, 2009 06:56 am
if i am filing chapter 7 bankruptcy but signed a quit claim deed with my brother from my father for house & property, will it affect my interest in the property?...my dad did a quit claim deed to my brother & i about 5 years ago; he lives in the home 6 mo. of the year; and also pays the taxes on it. he wanted us to have the home after he dies. there is no mortgage on it; it is free & clear. if i file bankruptcy; is that property listed in the quit claim deed actually owned 1/2 by me. (my brother the other half) i don't want my dad & brother to know about the bankruptcy - as they will never let me live it down.
You need to contact a Bakruptcy attorney
Hi jenjen!
Welcome to forums!
You will have to list all your assets when you file Chapter 7 bankruptcy. Thus, you will have to list the free and clear property in your bankruptcy filing. However, it would not be included in your bankruptcy as you do not owe any debt on it. However, the trustee will have the right to sell off the property and use the sale proceeds to pay off your creditors. Your brother will get his share of the property when the property is sold off at an auction as he is also one of the owners of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to list all your assets when you file Chapter 7 bankruptcy. Thus, you will have to list the free and clear property in your bankruptcy filing. However, it would not be included in your bankruptcy as you do not owe any debt on it. However, the trustee will have the right to sell off the property and use the sale proceeds to pay off your creditors. Your brother will get his share of the property when the property is sold off at an auction as he is also one of the owners of the property.
Feel free to ask if you've further queries.
Sussane