Bankruptcy Issues
Like Getting Smacked with a Mallet
Transferring property to your children to avoid probate causes a multitude of legal problems. See my recent post on Bankruptcy Law Network for a brief discussion on why this is such a bad idea. http://www.bankruptcylawnetwork.com/2009/08/10/transferring-property-to-avoid-probate-like-getting-smacked-in-the-head/
Selling a House in Bankruptcy (Part Two: Ch. 13)
I recently discussed selling a home in Chapter 7. To review, I explained that when a case is filed, all the debtor’s legal and equitable interests become property of the bankruptcy estate. I also discussed how the home might be exempt property (that is, protected from the reach of creditors), and how the trustee had 30 [...]
Selling a House in Bankruptcy (Part One: Ch. 7)
Sooner or later it will happen with one of your listings, or to a listing your client wants to put an offer on: Bankruptcy. You know to proceed with caution, but you’re not sure exactly how to deal with this bankruptcy thing. Can the seller sell the house? Do you need to get an order [...]
