Posted on: 17th Feb, 2010 05:24 pm
my parents put a property under my 2 brothers and my name. my question is if one of my brother is thinking of filing for chapter 7 bk and he has his own house how would this "2nd" property be effected by the bk.. can we do a quit claim deed to get this property over to my name alone? he has never paid taxes or anything thing towards this property.
Hi indeepdudu,
As your brother is one of the owners of the property, then he will have to list the property as his asset in his bankruptcy filing. You may ask your brother to sign a quit claim deed in your favor and transfer the property to you. However, after the property transfer he won't be able to file bankruptcy immediately. He will have to wait for at least 1 year and then go ahead with it.
As your brother is one of the owners of the property, then he will have to list the property as his asset in his bankruptcy filing. You may ask your brother to sign a quit claim deed in your favor and transfer the property to you. However, after the property transfer he won't be able to file bankruptcy immediately. He will have to wait for at least 1 year and then go ahead with it.