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bankruptcy and avoid losing the house

My mother in law recently became widowed and might now have to claim bankrupt due to credit card debt. The house is hers now and is paid off. To avoid losing the house, can she put the house in one of her kids names so that they cannot take it away.

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One Response to “bankruptcy and avoid losing the house”

Barton Goth GCO Bankruptcy Trustees said...

If she has that sizeable of an asset she is better off to look at taking out a second mortgage or something along that lines. If she transfers ownership of this property prior to filing bankruptcy, when she files bankrutpcy the trustee will have to go to court, get an order reversing the transaction, realize on the house and distribute any funds amoung the creditors. As well, the result of this kind of behaviou will result in your mother in law not being eligible for discharge as she would have been involved in a transaction that is not proper.