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propery sale/ bankruptcy

my sister sold a modest 1/4 undivided interest in an inhereited vacation property 9 months ago and due to medical and other reasons has no funds left and is unable to meet her payment of $1200 per month on loans and credit cards and may have to declare bankruptcy… . She doesnt understand this as she had a stroke a few years ago and doesnt understand some things.
Can she or does the property sale nullify that? A person i know said that has something to do with a preferred fraud? What can you advise me re this?

Posted from: British Columbia

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One Response to “propery sale/ bankruptcy”

A licensed trustee said...

The answer will depend on the dollars involved, what exactly your sister did with the money she received, and whether or not the sale was done at fair market value. I suggest you assemble the information necessary to address those concerns and then call a trustee in your area so that you may go and speak to them dirctly.

We won’t be able to give you a better answer on a free website.