Legal Question in Bankruptcy in Illinois

real estate

My partner and I own a home together..both names on the deed..I will be filling for Chapter 7 in the future.Can I sell her the house for $1.00..to protect it.She has perfect credit, my constuction business has failed.

Asked on 2/03/09, 12:33 pm

2 Answers from Attorneys

Charles Dobra Charles Wm. Dobra, Ltd.
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Re: real estate

Real estate transfers within 5 years from the date of filing a BK are subject to the scrutiny of the Trustee. You will have to be very careful with this as an exchange for less than value will definitely get you in trouble. Still, the question of equity is important. You will want the assistance of an experienced bankrutptcy attorney. Good Luck!

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2/03/09, 9:17 pm
Joseph Michelotti Michelotti & Associates, Ltd.
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Re: real estate

If your equity is less than the house is worth, you may not have to do anything. Otherwise your partner will have to buy out your interest from the truste

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2/03/09, 12:36 pm

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