What is the name of your state (only U.S. law)? Arizona
Hi,
About six months ago, a distant friend of mine surprised me by gifting me his fully-paid for house. All I had to do in lieu of it was to pay the overdue taxes, overdue HoA monthly fees, HOA transfer fees, overdue water bill, etc. He did have his attorney send a Quit Claim Deed which I was able to file in the Recorders Office in Pinal County. I paid off the overdue fees and got a homeowners insurance in my name. The house is in my name and I have even paid some of 2010 real estate taxes. Yes, I live in that house currently and the length of tenure at that place has been since July 10, 2009.
I have known this person as a well-off individual throughout the period I have known him. His lifestyle also attested to his financial well-being. But then, what is one surprise after another surprise? About a month ago, he called indicating me that he was contemplating filing for bankruptcy. I do not quite know the reasons; it could be some real financial exigency or some other financial engineering to gain whatever could be gained.
My question is if he files for bankruptcy, would the bankruptcy court try to reverse this Quit Claim Deed? What are usually the chances this reversal would happen? Does a given number of months or years of ownership under my name help me avoid this potential loss of this property?
Thank you very much for your assistance.
L.P.
Hi,
About six months ago, a distant friend of mine surprised me by gifting me his fully-paid for house. All I had to do in lieu of it was to pay the overdue taxes, overdue HoA monthly fees, HOA transfer fees, overdue water bill, etc. He did have his attorney send a Quit Claim Deed which I was able to file in the Recorders Office in Pinal County. I paid off the overdue fees and got a homeowners insurance in my name. The house is in my name and I have even paid some of 2010 real estate taxes. Yes, I live in that house currently and the length of tenure at that place has been since July 10, 2009.
I have known this person as a well-off individual throughout the period I have known him. His lifestyle also attested to his financial well-being. But then, what is one surprise after another surprise? About a month ago, he called indicating me that he was contemplating filing for bankruptcy. I do not quite know the reasons; it could be some real financial exigency or some other financial engineering to gain whatever could be gained.
My question is if he files for bankruptcy, would the bankruptcy court try to reverse this Quit Claim Deed? What are usually the chances this reversal would happen? Does a given number of months or years of ownership under my name help me avoid this potential loss of this property?
Thank you very much for your assistance.
L.P.
