Posted on: 30th May, 2010 01:50 pm
My mom has a life estate with my sister and me to inherit the land after her death. Is there any thing to do to save the property that has been in our family for over 150 years. I'm having to file personal bankruptcy with my husband, we lost our business about 3mon ago to bankruptcy, and now having to file personal because of that. My mom is 78 yrs old they are saying they could make us sell it for my part of the ownership. Is there anything That I can do to help keep this land/property in the family. could we do a quik claim to my boys, or back to my mom.
Hi Jan,
If you transfer property to anyone just before the bankruptcy filing, then it will be considered as a fraud and you can be penalized for it. You will have to list the asset in your filing but you do not need to include it in your bankruptcy. You should contact your bankruptcy attorney and take his opinion in this matter.
If you transfer property to anyone just before the bankruptcy filing, then it will be considered as a fraud and you can be penalized for it. You will have to list the asset in your filing but you do not need to include it in your bankruptcy. You should contact your bankruptcy attorney and take his opinion in this matter.
Thank you for your answer. Since this is a lifeestate deed with 2 sisters with remaining interest after death of mom. Have you ever heard of a trustee making you sell the land. to pay a portion of the land because of bankruptcy case. I would think the land would be safe, because of the life estate. please help,