Legal Question in Credit and Debt Law in Michigan
I filed a quit claim deed over a year ago transfering my house to my son reserving for myself a life estate. I have about $30,000 in unsecured debt and may be loosing my job soon. Can the creditors sue and force me to sell my house to pay them. There may be about $50,000 in equity after the $75,000 still owing on it. Although with todays market I doubt I could even get $100,000 for it. I could afford the house payment but not the credit card payments also.
1 Answer from Attorneys
Yes. Their theory would be that the transfer was a fraudulent transfer. It may be avoidable under the Michigan Uniform Fraudulent Transfers Act.
The area of law, and the issues presented by your question, are too complex to comment upon completely. I suggest that you consult with a knowledgeable bankruptcy attorney.
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