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I have just sold my house to my son for $1.00

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

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One Response to “I have just sold my house to my son for $1.00”

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.