Sorry about your financial woes. I hope you can recover completely and soar with real estate investing.
This is a legal question. I suggest that you talk with an attorney, especially a bankruptcy attorney. If you filed your case with an attorney, you might want to use that person.
I believe that you cannot transfer any asset out of the bankruptcy estate without the court’s permission. You might want to talk to the bankruptcy trustee or an attorney about your proposal. The idea is that you xhould not be moving assets where the creditors can not get at them.
You may want to convert your chapter 13 to a chapter 7, liquidation bankruptcy. Again, this is something an attorney could advise you on.
Can anyone explain quitclaim deeds ? I have a property in Atlanta Ga and it’s in a chapter 13. I’m unable to make the chpater 13 payments and I want to sell it to my wife to avoid foreclosure.
Can I quitclaim it to her or what’s the best way to avoid foreclosure ? She has a beacon score of 581.
A quitclaim deed is a way to transfer all your interest in a property IF any. There is no guarantee in a quitclaim deed that you had any interest or equity. They are often used to clear one name on the title such as your case, or for a lender to release a lien. If you borrowed money from me and I took a mortgage, when the mortgage was paid off, I would send you a statement confirming that and a quitclaim deed to you for your property.
I also heard of the quitclaim being used when somehow the spelling of a name on the title was incorrect. A quitclaim deed with the same spelling released the problem. Don’t ask me how.
u’m sorry about the situation you’re in. this may sound simplified, but maybe you can have a large yardsale this weekend? not big, valuable things, because that would be the same as with the house. but i’m sure you have tons of small things in your basement/yard, that you don’t care for anymore.
knock on your neighbor’s doors and advice to add their yardsale items to yours and sell them for a commission.
signs with ‘multi-family’ signs will bring more people than normal 1 family sales.
have your wife bake cookies and cakes and have a bake-sale. you already have the crowds coming, so if the product is inexpensive enough you could sell alot.
have a little lemonade stand. it’ll be hot and humid and everybody is oging to want something to drink.
take your lawnmower and offer to cut people’s grass. you could make a chunk of money.
you might also be surprised how much money you can make with delivering pizza. i did it years ago when i needed some extra quick cash. athe guys at ‘pappa johns’ on 10th street take home $ 700/900 per week full-time. do it 2-3 evenings per week and it might help.
the fact, that you found this board shows, that you’re ready to take controll of your situation and do something about it. determination will get you a long way. every time i make up my mind to do something i’ve pulled solutions to me. so, keep going, don’t sit back, and you’ll find a way to get out of it.
or read this site and learn really quick and find a property and assign it to someone else. a lot of times we have to hit ‘rock-bottom’ before we can learn.