Legal Question in Bankruptcy in North Carolina

A life estate is a right to use the property or to let someone else use the property for the term of your natural life. At your death, it will pass to whomever is named in the will or deed which created the life estate and remainder interests. Who is the remainderman? Your son or someone else? If your son, you might just want to convey the life estate to him. However, any transfers to family members will be viewed skeptically by the bankruptcy court and your would not be able to file bankruptcy for 1 year since the transfver is to a family member. You and your bankruptcy attorney will have to more specifically go over all of your assets and debts, but I do not know what value would be assigned to a life estate. Does your son pay rent at all?

Other than the life estate being included among your assets, I cannot see why the bankruptcy would affect your son at all. He is not liable for your debts.

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