Q: If I purchased a small lot 40 by 115 and the seller did a quit claim deed in 2014 and if I file chapter 7 can they take
My husband and I bought this lot in 2014 and we have a quit claim deed can if we file chapter 7 can bankruptcy take it
A Chapter 7 bankruptcy trustee stands in the shoes of the debtor with respect to all assets of the estate.
The bankruptcy schedules require you, under penalty of perjury, to list all your assets.
The answer to your question is yes, the property, if it has equity value, can be sold by the bankruptcy trustee and the proceeds distributed to your creditors. HOWEVER, it may be that you can claim the property as exempt under applicable bankruptcy and/or your state's laws. If the property is deemed to be exempt property, you can keep it.
Your best path is to speak to an experienced bankruptcy lawyer in your jurisdiction regarding these issues, with a full disclosure of all your assets and debts.
Timothy Denison agrees with this answer
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