Posted on: 15th Aug, 2010 06:28 pm
my grandmother took out a $7500 loan against her residence with the anticipation that it would get paid off accordingly without problem. however, the circumstances have changed, the loan is due and she cannot pay. she is also thinking about filing bk as her financial situation is basically ruined. can she quit claim deed the home to me and then file bk? what are the potential implications of such a thing?
Welcome nicolepizarro,
If your grandmother files a quit claim deed and transfers the property to you prior to the bankruptcy filing, then it would be considered as a fraudulent act by the trustee. Your grandmother can be penalized for the same.
If your grandmother files a quit claim deed and transfers the property to you prior to the bankruptcy filing, then it would be considered as a fraudulent act by the trustee. Your grandmother can be penalized for the same.