Getting out of the Business

[Shorty]

My dad has a business that is no longer profitable. After 25 years and in this economy it is LOOSING $. He is stuck in a 2 year lease in a strip mall and owes some back due rent. His home is paid for and cars are old used. He has some family land 9 acres. Could he give the land to me then file bankruptcy to get out of this big debt mess or would they not take this 2nd property from him since it is family land?

[ansky0007]

My dad has a business that is no longer profitable. After 25 years and in this economy it is LOOSING $. He is stuck in a 2 year lease in a strip mall and owes some back due rent. His home is paid for and cars are old used. He has some family land 9 acres. Could he give the land to me then file bankruptcy to get out of this big debt mess or would they not take this 2nd property from him since it is family land?

No, They will force the sale to you to be voided and then take the land from him and sell it. They would also have the right to sell his assets (Home & Cars) to raise money to pay back creditors. Besides the lease how much money does he owe?

[HHM]

Well, when you say "family land", what do you mean. Are other people on the deed.