What happens to my quit claim deed after bankruptcy? 14 Answers as of September 26, 2011

This question does not make sense. You say you own the property but you also say there is a grantee which means you do not own it.

The deed remains on the property even after a bankruptcy. If you want to keep the property, then continue to make your mortgage payments.

Really need more information to give you a good answer. Are you living on the property? Is there a lien on the property? Homestead proerty is usually exempt. Non exempt property is taken by the case trustee, sold and proceeds distributed to creditors. Secured exempt proerty is usually reaffirmed.

Assuming you qualify for bankruptcy and, like most people, all of your assets are exempt from collection to be sold to pay your debts, and then you get to keep your property. The first step should be to meet with a qualified attorney who helps people file for relief under the bankruptcy code. An experienced attorney can analyze your situation and explain to you your options.

If you own real property and file for bankruptcy you do not have to quit claim the property if you want to continue owning it. You can choose to give it up and you will not have personal liability for the discharged debt.

If you want to keep the property you need to be current with mortgage payments. You did not say what chapter you filed under. If its a 13 your lawyer should have provided for the property in the plan, either surrender, keep current outside the plan, or keep current and make up arrearages through the plan. If you filed under Ch 7 you must keep current. If you are going to surrender the house you need do nothing. Lender will foreclose. Foreclosure process takes about 11 months from the first missed payment. That's called free rent.

The answer depends on the circumstances of your case. How title is held, what liens are there the value of the property, the nature of your property whether it is you residence and whether you are filing a Chapter 7 or a Chapter 13. Generally in a Chapter 7 everything you own is transferred to the Bankruptcy Trustee, who must liquidate it and use the proceeds to pay your creditors. However, the law provides that certain property is exempt and does not get transferred to the trustee. It is up to the debtor to claim the property is exempt and to state the law that makes the property exempt. If you properly claim the exemption then you keep the property. If you don't the trustee will be able to get it and sell it. This is complicated area and you should retain a competent bankruptcy attorney in examining to review you situation before you file. If you attempt to do this yourself or use the services of a non- attorney bankruptcy petition preparer you can wind up losing property and it can cost you a lot more.

You can keep the property. If it is not your homestead you should consult with an attorney so they can discuss it with you.

There is not enough information provided by the question. Generally, you should not t be conveying any property on the eve of filing bankruptcy.

It depends on the type of bankruptcy you are filing and whether or not your exemptions will cover the value the land. I f you can exempt the property, then you can keep your interest even if filing bankruptcy.