Legal Question in Bankruptcy in Kansas

Quit Claim deeds and Bankruptcy

If a person has signed a quit claim deed to property on which they were the primary on the loan, during a divorce, and then filed chapter 7 bankruptcy, can the property be in any way used to settle their debts, or be siezed as an asset. And if so, what should the co-signer of the loan, who has the signed quit claim do to protect themselves?


Asked on 10/12/01, 11:44 pm

1 Answer from Attorneys
Bonnie Selby Bonnie J. Selby, Attorney at Law

Re: Quit Claim deeds and Bankruptcy

Not being certain that I understand your ?, the important ? is, "Did the person who executed the quit claim deed also get themself removed from obligation to the financial institution which holds the note on the property?" Remember that in a domestic action, creditors of the couple are not parties to the action and therefore, are not restrained from seeking foreclosure on both parties to the domestic action if a default occurs on the loan. A bankruptcy can wipe out the obligation of either party. . .is the obligation on the residence of a party? Who is filing the BR. . .an attorney experienced in filing BR can readily answer your ?s. . .seek such advice.

Read more
Answered on 11/25/01, 5:09 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Kansas