In trouble

January 17th, 2008 by Questions

Income: $4500/monthly
Mortgage: 265,000.00
Total in Credit cards: $100,000.00. Making minimum payments only.
Family Members loans: $70,000.00

1st Question: My Job security is unstable. Too tight to continue down this path and reach with all payments. Therefore would like to sell house to brothers and sisters. And they would keep me there on rent only. This way it would give me a break and breathing room to keep paying my other depths. Is this possible to sell my house to my brothers and sisters?

2nd question: Once house is sold and I rent, and incased I lose my job, will I be able to file bankruptcy for any credit owing?


One Response to “In trouble”

, Barton Goth GCO Bankruptcy Trustees said:

The selling of your house to family doesn`t prevent you from being able to file a bankrutpcy.

The only word of caution is you must sell it for fair market value. If you sell it for less than fair market value it is a transaction that will cause you and potentially your siblings a great deal of difficulty as either the transaction will be voided and you will be forced to sell the house for fair market value, or a judgement will be given against you and potentially your siblings for the difference between the sale price and fair market value.

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