One thing to be careful regarding the possibility of the family taking over the rental house is to avoid the appearance of hiding assets. Selling or handing over a valuable piece of property before filing for bankruptcy can lead to major problems. Please have her (or her family) check with a lawyer first.Nancy You are right, bankruptcy courts can void transactions that inappropriately transferred assets. Consulting a lawyer is worth the time and money.Since the property value is below the mortgage, it is a situation of making certain to avoid the appearance of hiding assets.
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