Real Estate Pro's Only
Hello everyone, I'm a new BWB and I have a very important question that I need help in.
Today, my friend call me and told me that her mother wants to file for Bankruptcy however, she owns 2 condos and a home that she would prefer keeping...... she is trying to figure a good way she can switch the title to both her children without gaining any capital and paying off the current loans. Do any of you have any suggestions????? Please respond ASAP.... I'm doing some research right now because she will have to file sometime in the next months????
The mother of your friend needs to consult with an attorney experienced in bankruptcy law ASAP. The property (real estate or personal property) that would be included in the bankruptcy depends on several issues, including the type of bankruptcy and the "exemptions" (if any) that are applicable.
The best advice you could give you friend is to tell her to get the right lawyer now.
Is BWB = Business Wealth Builder?
Thank you... again... she is already speaking to a bankruptcy attorney.... and we looking in to other possibilities...
Oh yes... BWB is Beginner wealth Builder
This sounds like mom wants to deed out her assets before she files for BK. This sounds like Fraudulent Conveyance which is an attempt to defraud the creditors of the equity which these properties may have. Be careful.
yeah beware is right! you have about 3 months before filing that they may look into transactions (knowing you'd be moving assets around) and they continue to look for about 3 months after discharge. just be very careful, don't wanna offend the feds!