Legal Question in Bankruptcy in Illinois
Bancrupcy and home sale
My sister has refinanced several times to include all of her debt & now must sell her home to pay off enormous debt. Can she sell her home to a family member (me) for a nominal price and file for bancrupcy. Thus, she would be able to stay in the home, as she would be able to pay ''rent''
Asked on 12/29/07, 4:04 pm
1 Answer from Attorneys
Joseph Michelotti
Michelotti & Associates, Ltd.
Re: Bancrupcy and home sale
No she cant transfer it to you for a nominal amount. The debt would still be on the house and you and your sister would be defrauding the creditors.
There are alternatives.
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web: www.michelottilaw.com
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Answered on 12/29/07, 5:17 pm
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