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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37376
Experience:  16 years real estate, Realtor. Landlord 26 years
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I have filed a Chapter 7 bankruptcy which will be discharged

Customer Question

I have filed a Chapter 7 bankruptcy which will be discharged August 11 2015. My mother is facing life treating surgery in 10 days and wants to deed a town home worth 120,000 dollars to me, the deed is free and clear. If if i accept this gift could I lose it because of this bankruptcy? I do not own any real estate at this time
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
Yes, if she gifts the property to you, it will become an assets in your BK estate and will be subject to creditor's claims. This would result in the house being sold by the BK trustee to pay your creditors.
So this would be an extremely bad idea and a better one would be for her to place the house in a revocable trust and state in the trust that you won't receive full ownership of it from the trustee until your BK case was over.