Iowa  |  Bankruptcy

Legal Question

Asked on: 3/22/08, 6:38 pm

purchasing real estate prior to bankruptcy

I have a family member who has requested that I purchase their home prior to their filing for bankruptcy. They are willing to ''gift'' the equity in the property, and the mortgage would be refinanced in my name. Is this an option, or can the bankruptcy proceedings require payment from the equity in the home (even though it has been refinanced and everything is in my name)? If so, how long would it be until the property is considered ours ''outright'' without having any financial ties to my relative?

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