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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12400
Experience:  JD, MBA
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my parents are facing bankruptcy because of medical and credits

Resolved Question:

my parents are facing bankruptcy because of medical and credits card debt using cards to pay for medical . They own there home and a piece of property that was a family business , it also is payed off. I have payed taxes on property for past two years and have done major repairs over the years. Now the bankrupts lawyer say the trustee will probably take property. My question is there anything i can do , like put a lean on property?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 8 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “My question is there anything i can do , like put a lean on property?”

Answer: No, you won’t be able to put a lien on the house unless you worked on it and were expecting payment, and have not yet been paid. Even then, you’d have to file for the lien within a certain number of days after not being paid (usually about 30), and you’d have to foreclose within a short timeframe (usually 6 months) or the lien is lost.

Your parents can’t convey the property to you unless you pay a fair market value for it because it would otherwise be considered defrauding the creditors.

Your parents could save the property, however, if they file for Chapter 13 instead of Chapter 7, and then in a 5 year period pay the creditors the amount that they would have gotten had the property been sold. Under those circumstances, your parents can keep the property. I hope that’s possible, but I suspect their attorney would have already suggested it. I wish I could offer more help.

Although my answer was unfavorable, I hope that I’ve helped you to better understand the law. If so, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!


DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and is not specific legal advice.


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