June 3rd, 2014 by Questions
I have just sold my house to my son for $1.00. I will be starting the process of bankruptcy, will this affect my son or I.
Thanks for your assistance.
Posted from: Alberta
June 03, 2014 at 6:55 am, Desmond West-Chow, CIRP said:
We would need further documentation of the sale and value of the home to fully address this transfer. However, a transfer of property at below the fair value, could result in additional amounts being required to be paid into the bankruptcy estate by either you or your son. I would suggest you speak with a trustee to discuss the options you have in this scenario.
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