Legal Question in Bankruptcy in California

Ownership transfer of condo?

I wanted to file for bankruptcy but I realized that my parent's condo was under my name. They paid the down payment in money orders that they gave me which is cannot be traced back, however they pay for the mortgage payments, live in the condo without me, and also takes the tax breaks for the interest they pay for the mortgage. The only thing is that my name is the sole person on the mortgage papers. My parents had asked me to do this 3 years ago because they couldn't get approved for the loan. If my parents are to lose the condo in the bankruptcy then of course I couldn't file. Is there a way around this? If I have to transfer the ownership and wait a year before I file then how is the transfer carried out? Thank you~


Asked on 5/21/02, 8:23 pm

1 Answer from Attorneys
Amy Ghosh Law Offices of Amy Ghosh

Re: Ownership transfer of condo?

If you file chapter 13...you will not lose your condo. There will be a monthly payment plan and through Trustee's office lender will be paid. How much is your debt?

Read more
Answered on 5/22/02, 1:01 am


Related Questions & Answers

More Bankruptcy Law questions and answers in California