Legal Question in Bankruptcy in Minnesota

Is this legal?

My exhusband, a loan officer by trade (who also holds a real estate license) recently filed for bankruptcy and was able to gain releif from all his debts,over $87,000.00 in credit card debt and a house he claimed was rental property. He never rented this house out. he actually lived in till he decided to move to his rental property in order to retain the proprty that had the most equity. This home(a duplex)had an estimated equity value of $46,000.00. Less than Three months later he moved out and now has the property for sale.Is it legal to file for bankruptcy then turn around and sell it for a profit?


Asked on 9/16/04, 1:19 pm

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: Is this legal?

Sounds a bit fishy.

But if he properly claimed the place as his exempt homestead in the bankruptcy, and if he was actually living there when he filed the bankruptcy, it could be "legal."

Good luck.

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Answered on 9/20/04, 4:39 pm


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