Settlement of Property

Posted on Wednesday, February 20, 2008

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My father is currently looking into filing a bankruptcy. The problem is that he owns some land and we do not want to lose it.

So the question I have is can he sell this property to me and my wife now cheap and still file a bankruptcy?

Filed under: Bankruptcy
 posted by Questions @ 10:03 am
1 Expert Comment:

 At March 3, 2008 | 7:13 am , Barton Goth GCO Bankruptcy Trustees Said...

Absolutely not, this is somehting that cannot be done and will likely cause both you and your father considerable grief. Unless the sale is done in good faith and for FAIR MARKET VALUE the transaction will be overturned, the property will vest in the trustee and your father will be ineligible for discharge.

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