For instance, if you decided to quitclaim deed a property in bankruptcy and the U.S. Bankruptcy Courts find out, your petition can be dismissed. Whether or not someone who files bankruptcy also needs to do a quitclaim deed or deed in lieu of foreclosure is a question that many bankruptcy attorneys and clients are asking themselves these days. 15 (Bankr. There may be some tax consequences if the value of the property is less than the amount that you owe. deed and title in writing ... quitclaim deed. bargain and sale deed. She has refused to sign a quit claim deed, stating that she has protection from signing anything per her bankruptcy protection. Can he do a quitclaim deed to me before I close and take official ownership, so that I can market the house for sale? You pay the capital gains tax on the $60,000 because you received the funds. Hello again. You are the seller. The lender has approved a short sale settlement of 25K. You must be very very careful with transferring property before and during an active bankruptcy. Chapter 13 vs. Chapter 7 If you file for Chapter 13 bankruptcy, creditors can't get to your property. Question Detail: My ex-wife filed a Utah Chapter 13 bankruptcy prior to our divorce being granted. 2015) – The debtors proposed a chapter 13 plan providing that certain real property was to be surrendered to the mortgagees and title to the property was to vest in the first mortgagee over its objection. This means that the automatic stay is over and the creditors can start foreclosure proceedings. real estate chapter 13. study. If a buyer wants to protect the low Proposition 13 basis, may he or she "buy" the trusteeship and pay the… We didn’t resolve the community property, and now I want to short sale the property. Chapter 13 and QuitClaim Deeds. If the lender is willing to take a deed from you in lieu of filing a foreclosure, then the answer is Yes, you can quit claim the property to the lender. If the debtor dies during Chapter 13 bankruptcy, the survivors might let the case get dismissed. Since a quitclaim deed only transfers ownership rights, a debtor is free to sign a quitclaim deed after declaring Chapter 13 bankruptcy." In re Zair, 535 B.R. elements of a valid deed. general warranty deed. E.D.N.Y. Absolutely false! In fact, selling or using a quitclaim deed to transfer property can have many consequences. You should … Chapter 7 vs. Chapter 13 Two forms of bankruptcy are available to individual debtors: Chapter 7 and Chapter 13. The bankruptcy court … The deceased debtor will not receive a discharge, and the estate will likely remain liable to creditors. Regarding the Chapter 13, if the property was quit claimed to you while you were in bankruptcy, you were supposed to report it to the bankruptcy trustee.Refer to the following for the procedure that you were supposed to follow regarding the sale of the property. It doesn't matter whether you retain ownership or place the assets in a trust – they're not in jeopardy because your debts are satisfied through your disposable income each month. ... then the filer may lose the home as it may be listed under non-exempt property while filing chapter 13 bankruptcy. I am the buyer and will be closing at the 25K that is approved by the lender. Q: The family trust has one piece of real estate in California. My brother filed chap 13 and inc his house. warrant title forever that grantor is true owner ... warranty title only during grantor's ownership that he is true owner. Explaining California Prop 13 transfer rules. play. 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