My younger sister just filed a chapter 7 in Missouri. During the meeting with the Judge he asked the usual question of Do you have any assets due to you by inheritance? She unknowingly answered yes. She is young and inexperienced and she was scared not to disclose it. Now this put the land we own together in jeopardy. Before our grandmother died she formed a trust with an attorney in Missouri, for me and my sister to have ownership of her land on my sisters 40th birthday. There are nearly 600 acres in Illinois which will be ours in August after her birthday. Now my sister has her final court date June 12th with the Chapter 7 trustee judge. I am assuming that I can not quick claim the land at this point to take complete ownership since it can not be transferred within three years of BK7...right? This land has been in our family for 200 years and was due to go to our children as well. What, in your expert opinion can be done to save this family land? Or will it be seized by the government and Ill have to buy back my own land. I appreciate any insight you would have. Thank you
State/Country relating to question: Missouri
researching the internet. I need resolve and information on this topic ASAP. All attorneys offices are closed tonight. My family is upset and we need advise.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. Thanks for your question. And I most appreciate that younhave researched the issue. You are correct that you cannot quit claim the property. You are also correct that the BK trustee will claim an interest in the property. Likewise, rhe property will be appraised. Theresafter, you will be given the first option to buy your interest in the property. And you will also find that the trustee will work with you regarding terms. However, you should not go at this alone and you should have representation to protect you rights. Finally, please understand that the. Court does not want to see your family lose their 200 year interest. But they have a fiduciary duty to the creditors to obtain money so that a portion of your sister"s debts can be paid. Thanks for understanding.Best regards XXXXX XXXXX am glad to help. Please be so kind as to click the GREEN accept button as I do not get paid for my assistance unless you accept. A bonus and and positive feedback are also appreciated. An ACCEPT also assures that I can assist you again. I wish you the best in the future. Thanks.
I know there is no fair or unfair when it comes to BK laws. However, how can they take my stake in the land. It belongs to both of us. There are seven parcels of land to make the estimated 600 acres. Will they take it all or just some of the parcels. Im just floored that I wll have to buy my own land back. I dont have the cash nor credit to purchase that kind of land. How can this be fair to me to have to buy it? I understand she owes a debt but its not my debt
Please don't take it out on me. I agree this is not fair. And all I can do is to inform you of what he law is. . Likewise, you need an attorney to get the fairest deal. Thanks for understanding.Best regards XXXXX XXXXX am glad to help. Please be so kind as to click the GREEN accept button as I do not get paid for my assistance unless you accept. A bonus and and positive feedback are also appreciated. An ACCEPT also assures that I can assist you again. I wish you the best in the future. Thanks.
34 plus years of experience specializing in bankruptcy law
Im sorry I didnt mean for it to sound as if I was taking it out on you. As you can imagine I am just out of sorts knowing now that I will in fact be losing this land as I suspected. I have worked for a BK attorney for the past 3 years, but did not want them involved in this matter. I was just venting and grasping for straws, but it is what it is. And federal law is what it is. And I lose. Again, Im sorry for implied anger at you personally.
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