I bought a house with my mom, about a year ago I signed a quitclaim deed giving my mom control of the house. I'm still listed on the mortgage but not the deed. I am now considering a chapter 7 bankruptcy. Aside from the house I have no other assets. Is there any chance they can force a sale of the house given there is substatial equity in the propery?
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Not only is there a chance, it is a practical certainty that if the house has equity that exceeds your state's exemption, the trustee will undue the quit claim deed and sell the house.
Transferring real estate to family members is a trustee's gold mine because they can go back over 2 years and undue the transaction, especially quit claim deeds, and sell the house for the equity.
However, this all assumes that there is substantial equity and that it exceeds the state exemption.
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