propery sale/ bankruptcy

December 24th, 2009 by Questions

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


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.

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