if I sold a house making a profit - and gave the money away, then declared bankruptcy would there be problems?

My father signed his house over to me 10yrs ago to fund the buying of a business -which I have since sold - now i am selling the house, as i can't afford the mortgage anymore. Once the mortgage has been paid off, i will give the rest of the money to my father as it was his house (before he signed it over to me). I then need to declare myself bankrupt - as i have other unsecured debts, credit cards etc, which i cannot afford. i cannot afford to pay monthly payments for an IVA, so bankruptcy is the only option. Can i do this? or will the fact that i gave my father the money from the house have an affect and cause problems? would it look too suspicious?

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  • Ashton
    Lv 4
    1 decade ago
    Favorite Answer

    You could sell the house and use the profit for your debts, or you could refinance at a lower interest rate, and still pay off all your credit cards and still keep the house.

    Source(s): i work at a real estate law firm
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  • 1 decade ago

    I think you are looking at problems. The bankruptcy trustee can void sales a certain amount of days from the time you filed bankruptcy. I am not a lawyer, but I think 90 days. Potentially if you sold the house and then waited for the allotted time you could do that.

    why don't you sell the house and pay off your other debts and then see where you are at at that time. You have been in the house 10 years...isn't really yours?

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  • 3 years ago

    UAW that's a extensive democrat balloting base. the reason they want the money is to pay off each and every of the retirees, and over the final settlement they agreed to furnish the money to the unions approximately 27 billion money. Then we had the financial downturn and sales dropped and the money is now not obtainable. the motor vehicle companies continuously might desire to of purely declared financial ruin and that could desire to of compelled the government to pay for the pensions. Many different companies did that some years in the past. So the two way we would nonetheless might desire to pay the money. the money that desire to the banks became into what became into fairly a waste.

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  • Anonymous
    1 decade ago

    I know that it will cause problems. I would talk to an attorney before continuing. Each state has specific bankruptcy laws even though it is federal law.

    Good Luck with life!!

    Source(s): www.daveramsey.com
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  • Anonymous
    1 decade ago

    The best thing for you to do is speak to an Bankruptcy attorney.

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