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That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.
That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.
That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.
That depends on several factors, especially the time line of its creation, but it may become part of the bankrupt's assets subject to creditors but the creditors may take it subject to the life estate.
What else can I help you with?
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
If someone signs a deed reserving a life estate and then signs a warranty deed to someone else at a later date which deed is binding?
The first deed is binding. If Rodney executed a deed to William and David, reserving a life estate to himself, then William and David are the new owners of the property and Rodney has the use of the property during his life. Rodney cannot execute a subsequent deed since he no longer owns the property. The first deed controls as long as it was recorded in the land records.
Can a life estate deed name two grantees?
Yes, & upon the death of the person reserving a life estate, the property will be owned by both of the 2 Grantees
Your grandfather signed a warranty deed reserving life estate could this be pulled into bad debts husband might create?
If husband is a grantee on the deed the answer is yes. If your grandfather conveyed the property to you alone the answer is no. If there are no judgments against your husband yet, or court actions in progress, then he should quitclaim his interest in the property to you. You should seek the advice of an attorney to explain your options and transfer the property to you if necessary.
How do you have lien removed from property after bankruptcy and person has died?
If the lien is a mortgage or a tax lien, the bankruptcy may not have discharged the debt, and the estate would have to be probated. The estate may be bankrupt, and there is usually a state procedure for estate bankruptcy. Federal bankruptcy does not apply. Consult a local attorney experienced in estates.
What does estate vested back to you mean?
In bankruptcy, it means any property that belonged to the bankruptcy estate is yours again. Usually because your case ended, was dismissed or the trustee decided to abandon the property as not worth the cost of converting to cash.
Will your 2 week time share property be absorbed in your bankruptcy?
It will be property of the estate. I'm not sure about any absorption . . . .
Can one obtain a life estate after a property is sold?
No. Once the property has been sold the grantor no longer has any rights in the property. Therefore, they can no longer reserve the right to a life estate. If the new owner is agreeable, the property could be reconveyed to the prior owner, then they could draft a new deed reserving a life estate.
What does a Mississippi Warranty Deed to Children Reserving a Life Estate in the Parents involve?
It involves transferring the title to your property to your children. They will be the new owners subject to your right to the use and possession of the property for the duration of your natural lives. There may be tax consequences and the property will be vulnerable to any creditors claims against your children. If the children are minors there may be expensive legal consequences to consider. You should not make any such transfer until you have discussed it with an attorney who specializes in real estate law and also estate planning.
Is there a period of time after filing for bankruptcy you should wait for income that isn't affected?
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
How does a life estate deed supersede a will?
If a person was granted a life estate in property and then the owner dies, the property remains subject to the life estate. Even if the decedent leaves the property to a different beneficiary in the will, the property passes subject to the life estate.
