Posted on: 19th Mar, 2010 10:27 am
hi,
my brother and sister in law are going to have to file for bankruptcy. in doing so they own land in az that is free and clear. the land belongs to them and my father. they want to quit claim deed the land to him so they don't all lose the land. how long in between quit claim deeding the land to my dad before they file bankruptcy must there be. they will either file in az where they used to live and where the land is or in oregon wher they currently reside. is there a difference in time between filing the deed and bankruptcy in either state.
thanks,
cvaughan
my brother and sister in law are going to have to file for bankruptcy. in doing so they own land in az that is free and clear. the land belongs to them and my father. they want to quit claim deed the land to him so they don't all lose the land. how long in between quit claim deeding the land to my dad before they file bankruptcy must there be. they will either file in az where they used to live and where the land is or in oregon wher they currently reside. is there a difference in time between filing the deed and bankruptcy in either state.
thanks,
cvaughan
hi cvaughan,
as far as i know, under the section 727 of the bankruptcy code a debtor is not allowed to transfer property within 1 year prior to filing bankruptcy petition. such transfer could be considered as fraudulent and the debtor may not get discharge from his debts under such conditions. however, you should consult a bankruptcy attorney as he or she would be the best person to tell you if the section 727 applies in your situation and if there are any exceptions to this rule.
as far as i know, under the section 727 of the bankruptcy code a debtor is not allowed to transfer property within 1 year prior to filing bankruptcy petition. such transfer could be considered as fraudulent and the debtor may not get discharge from his debts under such conditions. however, you should consult a bankruptcy attorney as he or she would be the best person to tell you if the section 727 applies in your situation and if there are any exceptions to this rule.