Posted on: 20th Nov, 2012 09:50 pm
I have been in a legal battle for 5 yrs, that was settled in mediation for less then one tenth it's worth. The injury caused my disability and inability to work any longer. Because of poor doctor records and some technicalities, I don't have the money to pay even half of my debts.
My mother and I own a house together. I have been told I should file for bankruptcy, but they can take the house. The house in it's present state is not worth the mortgage. However, we bought it as a fix up, and don't want to lose it.
My mother and I also share land in 2 states. Those properties do not have mortgages. Should I quit claim those to her?
Thanks for any responses.
My mother and I own a house together. I have been told I should file for bankruptcy, but they can take the house. The house in it's present state is not worth the mortgage. However, we bought it as a fix up, and don't want to lose it.
My mother and I also share land in 2 states. Those properties do not have mortgages. Should I quit claim those to her?
Thanks for any responses.
hi mtnbreezes,
you can quitclaim all your properties to your mother. but after the property transfer, you may have to wait for around 1 year before filing bankruptcy. or else, the property that you transfer now may get included in your bankruptcy estate.
thanks,
jerry
you can quitclaim all your properties to your mother. but after the property transfer, you may have to wait for around 1 year before filing bankruptcy. or else, the property that you transfer now may get included in your bankruptcy estate.
thanks,
jerry
Hi MtnBreezes!
Welcome to forums!
Before taking any step regarding property transfer, it will be better if you could contact an attorney and take his opinion in this regard. He will let you know as to what will be good for you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Before taking any step regarding property transfer, it will be better if you could contact an attorney and take his opinion in this regard. He will let you know as to what will be good for you.
Feel free to ask if you've further queries.
Sussane