Legal Question in Bankruptcy in Illinois

Home Equity in BK Chap. 7/ Transfer Assets

My relatives are in a debt situation which involes

approx. 6 years of accumulated medical debts due to bypass surgery and numerous complications

ever since. Approx $50,000 after insurance. The medical conditions persist to this day so I had advised them in the past not to file BK. They were able to continue payment on all other debts.

Also involved is a lawsuit/possible counter lawsuit with ex employer. My relatives want to transfer title in home(with approx. 50% equity) to their son as well as some liq. assets. BK filing may not happen for 2 years. Based on equity will they lose their home-how can this be prevented and if assets are transferred years in advance is this seen as circumvention of BK laws?

Thank you


Asked on 10/03/99, 12:35 pm

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Home Equity in BK Chap. 7/ Transfer Assets

Many aspects of your question cannot be answered as you have notprovided sufficient facts. Because of that, I would suggest that you have an office consultation with a competent bankruptcy attorney. The matter is much too complicated to discuss here. I would only suggest, however, that you might consider a

Chapter 13 filing to avoid losing the house.

Read more
Answered on 10/06/99, 12:09 pm


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