Legal Question in Bankruptcy in California

real estate

there is a foreclosure prevention program, that you deed a portion of ownership into a trust fund which is bankrupt, thus delaying the sale of the home , is this concidered fraud as well, or is it ligit, should i accept this program


Asked on 12/13/07, 5:29 pm

3 Answers from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

Re: real estate

It is an abuse of the bankruptcy process and could subject you to sanctions.

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Answered on 12/13/07, 5:37 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: real estate

Don't do it! It would be worth your while to talk to a bankruptcy lawyer of your own choosing to see what your options are. Also, it's good advice not to transfer your property on a whim because, more than likely, you'll never get it back despite promises to the contrary.

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Answered on 12/13/07, 5:48 pm
Robert Mccoy Law Office Of Robert McCoy

Re: real estate

Any time you are asked to convey title of your property, is a time that you are probably being scammed. I have seen a person convey their property to a corporation that then filed for Chapter 11 bankruptcy. This kept the bankruptcy from appearing on their credit report and temporarily stopped the foreclosure sale of the property so the property could be sold. The Bankruptcy Court approved the filing and sale over objection. If, however, the debtor corporation wanted to keep the property, the Bankruptcy Court could have easily come to a different conclusion. BTW, filing for Chapter 11 relief will cost you a minimum of $15,000.

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Answered on 12/14/07, 9:41 pm


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