Filing for Chapter 7 bankruptcy in California!?
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My mom is filing for Chapter 7 bankruptcy, but unfortunately owns the tear-town (house) next door. She was thinking of signing the house over to me and just giving it to me. Gee thanks, Mom. lol, this house is so broken down, I don't think it's even livable. but somethings better than nothing. So anyways, if she signs over her second house to me (which is fully paid for in the state of California, I might add), then can she file for Ch.7 without getting in trouble for giving a house to a relative. Note: she needs to file for bankruptcy because she owes lotsa credit card companies, has major debt, and hasn't been able to pay rent on this house she's been living in for 6 months! She's not the best with her finances and at this point, bankruptcy is her only option. I'm not interested in people offering alternatives to filing. I'm asking if filing for Chapter 7 in this manner be LEGAL!
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Answer:
I'm sorry that is chapter 11 not chapter 7 you are currently applying for gay Martel status.
Xia at Yahoo! Answers Visit the source
Other answers
The sale or transfer would have to be done a long time ahead of filing bankruptcy. The court will not allow transfers like this to shield assets, and will either not allow her to file or require her to bring the property back into the deal. If she had done this a few years ago it would probably be okay.
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