QUESTION
Is there a tendency that they will take the house if I already made a quit claim for it?
Asked on Apr 08th, 2015 on Bankruptcy - Michigan
8 ANSWERS
Tricky question. This situation requires that you meet with a lawyer face to face to discuss your options. This is no time to skimp (on money). Pay an experienced BK lawyer for one hour of their time to ask your questions. You don't want to file first, then try to figure this out later. Good luck!
Answered on Apr 20th, 2015 at 6:38 PM
Deborah F. Bowinski
If there was equity in the home when you deeded it to someone else then you very likely have a problem with a fraudulent conveyance. You need to consult with a lawyer and retain their services to assist you in preparing for and filing a bankruptcy case. With what is at risk, any legal fee you pay will be worth it in order to keep and protect what is important to you.
Answered on Apr 09th, 2015 at 3:08 PM
If you quit claimed your house for no money, expect big problems if you file bankruptcy for a fraudulent transfer. Your creditors can also arrange to bring criminal charges against you for a scheme to prevent them from collecting against assets by giving them away. Hope you see a lawyer before you wind up in the cast of Orange is the New Black prison drama!
Answered on Apr 09th, 2015 at 12:15 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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If you made a gift of the house within four years, the bankruptcy court can usually take the house from the recipient of the gift.
Answered on Apr 09th, 2015 at 7:56 AM
Unfortunately, there isn't enough information in your question to provide a complete answer. Your question is potentially a very complicated one that really should be taken to an experienced bankruptcy attorney for review and discussion. The transfer of ownership of the house could be deemed fraudulent and could result in the loss of the property to the Trustee/bankruptcy estate. Most bankruptcy attorneys offer free in-person consultations, so take advantage of it. There may be no issue at all, or it be easily fixed.
Answered on Apr 09th, 2015 at 7:55 AM
There is not enough information in your question to give you a meaningful answer. Many bankruptcy attorneys offer a free, no-obligation consultation to help you understand the ramifications of a bankruptcy filing. They will need to know all your circumstances in order to give you sound advice.
Answered on Apr 08th, 2015 at 8:23 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You haven't provided enough information for anyone to make a responsible reply. There aren't really tendencies in Bankruptcy: there are rules and statutes and judicial opinions. In general, a bankruptcy estate consists of all the interests in property the debtor has at the moment he or she files the Bankruptcy petition. If you have deeded your real estate to someone else, then generally it is not part of the bankruptcy estate. UNLESS you transferred the property for less than reasonably equivalent value, in which case the Trustee can seek to undo the transfer and take the property into the bankruptcy estate. This is the kind of difficulty for which you would really benefit from retaining an experienced bankruptcy lawyer.
Answered on Apr 08th, 2015 at 8:22 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You will have to provide more details, it is possible, if you have not received full value for the deed, the house could be at risk. See an attorney before you take irreversible actions.
Answered on Apr 08th, 2015 at 8:19 PM