Legal Question in Bankruptcy in Florida
bankruptcy
My husband and I would like to buy
my parents home. They are planning
to file bankruptcy. Are we able to buy
their home for what the owe without
it messing up their bankruptcy filing?
They live in Florida and owe 135 on
the house. It has about 60,000 in
equity. We would be putting that
money right back into the house,
since it is in disrepair. They are
unable to pay their mortgage and we
feel this would be a solution. We
would then buy an investment
property and have them rent it from
us.
Thanks!
1 Answer from Attorneys
Re: bankruptcy
I am not quite clear about your plan. The guiding priciple in bankruptcy is full disclosure. If you were to buy the property as an 'arms length' transaction it may stand-up. Whatever you do, consult with counsel first.
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