Best Riverside Bankruptcy Attorney – Many of the clients who come into our Riverside bankruptcy attorney practice have inherited property and are rightly concerned how a possible Chapter 7 or Chapter 13 bankruptcy can affect it. This can be of especial concern if they are holding real estate jointly with a relative, such as a sibling. Our client is usually worried about how, if they file for bankruptcy, their inherited property becomes property of the bankruptcy estate, and could be sold by the Bankruptcy Trustee to satisfy the requirements of the court. These are legitimate concerns.
First off, you need to know that the bankruptcy court isn’t concerned how you acquired the property. It could have been through purchase, inheritance, or some other means. But once you have it, it’s yours, and subject to certain conditions. It may qualify for certain exemptions determined by the value of the property, such as the homestead exemption. However, you need to be careful of how the title is held. If you own property in connection with someone else, such as a sibling, with a jointly-held title, that person could lose title to the property in a Chapter 7 filing.
Sometimes people think they can avoid any impact on the co-owner by simply transferring title to them, before filing for bankruptcy. Not so fast! This is one of the reason you ought to consult with a Riverside bankruptcy attorney before making any moves. Even though it’s an inheritance, such a property transfer could be considered a fraudulent transfer by the court. It not only would not benefit you, it could get you into legal trouble. You need to consult with an experienced bankruptcy attorney to understand all of your options.
It might be that a Chapter 13 bankruptcy is the best alternative, especially if the value of the property is high and no exemptions apply. Filing for a Chapter 13 debt relief plan could allow you to keep the property by making payments to your creditors over a 3 to 5 year period. Since every case is different, it’s important to get good legal advice from a Riverside bankruptcy attorney who can work out the plan that works best in your circumstances.
At the Law Offices of Harold D. Thompson, Riverside Bankruptcy Attorneys, we pride ourselves on being able to get our clients back on sound financial ground, by working with them to find the best solution for their individual circumstances. We have over 30 years of experience, and one of our attorneys will be happy to discuss the best way to retain your inheritance. Just call our offices at 1-888-558-2992 for a free consultation. You can also find out more about the power of bankruptcy in getting you a fresh start on your finances by downloading our free book: The California Guide to Bankruptcy. Don’t let your money worries rule your life, when bankruptcy can put you on the road to a fresh start!
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