Legal Question in Bankruptcy in Illinois
real estate
My Daughter and husband have filed Bankruptcy,The home me and my wife live in is in their name,but we put up all the money to purchase it and have made all the payments up to date and repairs,they can't do homestead on this house because they have it on the house they live in and filing on.So how can we save our house from their creditors? Would a quit claim deed work from me to my wife and from my wife to me?
2 Answers from Attorneys
Re: real estate
No, you cannot just do a QCD. This is a difficult question without more info. I suggest that you give me a call to discuss at 630-790-6579. Whatever you do act quickly - the BK court has strict time frames for objections. John Lynch
Re: real estate
You neglected to state whether the filing was under Chapter 7 or Chapter 13, as there are signigficant differences. If this was a Chapter 7 filing, the Trustee owns the home, not your daughter and her husband. You need to contact a bankruptcy attorney who practices in the judicial district in which the bankrutpcy was filed. Good Luck. Beware of the "short fuse" time limitations in bankruptcy law--now is the time to get off the dime!
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