Posted on: 07th Mar, 2011 11:21 am
i purchased a home by cash for our daughter, and now she has lost her job and is considering filing bankruptcy. if she quit claims the deed to us, will this protect our interest in the property.
Hi scrapgranny!
Welcome to forums!
Your daughter can quitclaim the property to you and you will be able to save the property and your interest in it. However, once she transfers the property to you, she won't be able to file bankruptcy immediately. She will have to wait for at least a year in order to file bankruptcy.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your daughter can quitclaim the property to you and you will be able to save the property and your interest in it. However, once she transfers the property to you, she won't be able to file bankruptcy immediately. She will have to wait for at least a year in order to file bankruptcy.
Feel free to ask if you've further queries.
Sussane
An individual will have to list all of their debts and financial obligations they want erased on a document known as the statement of financial affairs. Any debts not listed on this document will not be discharged in their bankruptcy so it is highly important that this document is filled out completely and honestly.
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