Posted on: 20th Jan, 2008 01:41 pm
I own a home in North Dakota. The proerty would cost over 110k to rebuild but is only valued at 8 to 9k. I want to quitclaim or gift deed it to my kids and possibiliy file for BK some time down the road. Which would be batter to do? I owe over 25k in debts as I thought I could refi the home at its rebuild value but the county acessor refuses to allow this.
I would contact a BK attorney before quit claiming the property. If you do this too close to the BK, the courts may see why you did this and deny your bankruptcy.
I am in no hurry regarding the BK. Would a warrenty deed be better?
A warranty deed shoud be fine.