Legal Question in Real Estate Law in Illinois
Twelve years ago my parents had a legal survey done and conveyed 5 acres to my brother and 5 acres to me. They lie adjacent. My brother filed a warranty deed. My parents kept my 5 acres in trust. When money was borrowed and property used as collateral my parents informed lendors the five acres belongs to me to which they acknowledged the agreement. The land was never used as collateral and is excluded from any loan documents.
My parents have been forced into Chapter 7 and the federal court is demanding I give up the 5 acres. When I lived on the property, it was developed and costly financial improvements were made to the property for the current home site. One improvement on my 5 acres is a deep well, which is shared and also services the home site of my brother on his 5 acres. This seizure will create a severe hardship if they prevail. There is a hearing I am to attend Tuesday and I have not done anything as of yet because I need to know what can be done?
Thank you.
2 Answers from Attorneys
You need to do more than post on a site like this. Try to arrange an immediate consultation with a bankruptcy attorney to evaluate the expected outcomes and then use that information to evaluate the value in hiring an attorney. I do not see that this will go well for you without representation. Had your parents' attorney advised them of this risk and options in handling the matter?
I agree w/ Mr. Repay, and since you don't indicate where you are, if there are no bankruptcy attorneys near you your next best bet would be an estates and trusts attorney. And the attorney who put the trust together may not be able to handle this due to a likely conflict of interest, but may have a referral for you. A lot may depend on the kind of trust it is and whether a deed to the trust was ever recorded. But again this is not the kind of thing I would recommend doing on a DIY basis. Your narrative may be accurate but the legal consequences are impossible to determine without a complete review of the relevant documentation.
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