Results 1 to 2 of 2
  1. #1
    Join Date
    Jul 2009
    Posts
    7

    Default Can I Do a Chapter 7 with a Deed That Has a Reserved Life Estate

    Background: My in-law's deeded my wife their property, several dozen acres of wooded land with several out building and a nice house, but reserved a life estate for themselves. Father-in-law died and mother-in-law is now making noises like she intends to toss my wife and I off the land, which is her legal right (which I have a hard time believing, but have been assured is correct). In short, we pay the taxes and utilities, but she is going to have us tossed.

    If we have to start over by buying another house or even renting an apartment until she dies and we can move back, we might have to end up filing for chapter seven ... but will the fact that, on paper, we own a fifty thousand dollar property effect that filing?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Can I Do a Chapter 7 with a Deed That Has a Reserved Life Estate

    You don't "own a fifty thousand dollar property" - you have a future (remainder) interest in that property. Your remainder interest is worth a lot less than the property itself.

    1. Sponsored Links
       

Similar Threads

  1. Warranty Deed with Reserved Life Use vs Will
    By Lakewriter in forum Real Estate Ownership and Title
    Replies: 1
    Last Post: 05-27-2011, 12:15 PM
  2. Life Estates: Life Estate "As Reserved" Being Put in Probate
    By RFonoi in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 12-12-2009, 05:57 PM
  3. Life Estates: Texas: Can I Transfer a Deed if There is a Life Estate Reserved on It
    By sailorjim in forum Real Estate Ownership and Title
    Replies: 4
    Last Post: 07-06-2009, 10:58 PM
  4. Life Estates: Life Estate Deed or Not
    By StickyWicket in forum Real Estate Ownership and Title
    Replies: 1
    Last Post: 03-25-2009, 04:49 PM
  5. Life Estates: Life Use Reserved on Deed, But Put Out Of Home in New York State
    By GramsWoes in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 01-10-2008, 08:23 AM
 
 
Sponsored Links

Legal Help, Information and Resources