Legal Question in Bankruptcy in Florida

Re: Bankruptcy and land

If they are filing a Chapter 7 Bankruptcy the answer is most likely no. The bankruptcy court looks back for a period of several years for any real estate transfers. If your parents have a recent transfer of property they owned to a immediate family member right before they file for bankruptcy, then the bankruptcy trustee has the power to void that real estate transaction and sue to have that real property put back in the debtors bankruptcy estate. They would be better to sell the property now for a "cut rate" and live of the proceeds for a few more months before filing for bankruptcy, if possible. Otherwise, the property is going to have to be surrendered to the bankruptcy estate (one way or the other). Sorry!