Legal Question in Bankruptcy in New York

Why file Bankruptcy ?

Mom is 95, has unsecured CC debt of abt 60K, HAs a quitclaim deed to her 6 kids notorized five years ago(but hasn't filed it) only income is ss. If she files the Quitclaim deed with her having life estate(house wd be exempt in BK even if she didn't do this)

Would she not be judgement proof? Why file BK?


Asked on 3/12/07, 1:37 pm

1 Answer from Attorneys
Stephen Starr Starr & Starr, PLLC

Re: Why file Bankruptcy ?

The exemption of your mother's house (both from creditors seeking to enforce judgments and in bankruptcy) depends on the value of her equity in the house. Without info. about the value of the house and amount of mortages on the house not possible to determine if house is or is not exempt.

This is too important a subject for a do it yourself project. Your mother mother should consult with a competent bankruptcy attorney.

Feel free to review the Frequently Asked Questions (FAQs) regarding personal bankruptcy on our website at www.starrandstarr.com/faq.htm.

Good luck,

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Answered on 3/12/07, 3:08 pm


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