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re: Deeding property to an adult child?
Posted on 3/4/09 at 12:05 pm to Chris4x4gill2
Posted on 3/4/09 at 12:05 pm to Chris4x4gill2
Make sure this is done WELL in advance of her bk - 12 months minimum and 18 to be on the safe side.
She'd be better off finding a way to encumber her property with "friendly" debt thus making it unusable for seizure and sale to satisfy creditors.
Talk to an asset protection group - APCG in Las Vegas would be a great start. You can find them on the web.
BTW, I only advocate this in order to buy time to pay your debts.
I've done it once and paid everyone I owed off - took many years.
I'm doing it again now although I have true debts that encumber my house with not enough equity to satisfy any others.
I made my debts, I pay them.
She'd be better off finding a way to encumber her property with "friendly" debt thus making it unusable for seizure and sale to satisfy creditors.
Talk to an asset protection group - APCG in Las Vegas would be a great start. You can find them on the web.
BTW, I only advocate this in order to buy time to pay your debts.
I've done it once and paid everyone I owed off - took many years.
I'm doing it again now although I have true debts that encumber my house with not enough equity to satisfy any others.
I made my debts, I pay them.
1
Posted on 3/4/09 at 12:24 pm to Meauxjeaux
quote:
BTW, I only advocate this in order to buy time to pay your debts.
I've done it once and paid everyone I owed off - took many years.
I'm doing it again now although I have true debts that encumber my house with not enough equity to satisfy any others.
I made my debts, I pay them.
I agree completely. My stance is that we arent going to help her one bit until she starts helping herself. She wants a handout and for us to bail her out, but so far is unwilling to make changes. I am not going to help with anything only to be back in worse shape next month.
The wife agrees, but wanted to look into the transfer of the property. I can say now that I've looked into it so thanks guys. I guess I need to make an appointment with a bankruptcy lawyer.
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