Should my mom file bankruptcy

[Flamingo]

Your mother is not insolvent (broke, bankrupt). Her assets exceed her debts. She is not eligible to file. In order for her not to lose the farm, you and other family members should all get together and speak with an elder law attorney and do it right away.

[AngelinaCatHub]

Here's an idea:

Forget about bankruptcy.

Have her sign the land over to you--remove herself from it completely so that creditors cannot put liens against it if she doesn't pay. She would, of course, continue to pay the mortgage on it, and continue to live there.

Then she could safely stop paying her debts and there is NOTHING they can do to her. She doesn't have any income or any property. She could safely tell them to pound sand and there's not a darn thing they could do about it....bankruptcy would be unnecessary at that point....

OH NO Momofthree!!! You know better. That is attempting to defraud by hiding assets. Not even in bk, but if a litigant knows of an impending lawsuit, then attempts to transfer property or funds, this is illegal and can be voided even if sold. It is too late to transfer any kind of asset. If it were five years ago, fine but this is not appropriate at this time and could incur further problems. If the person sells the property and perhaps given a life estate, and the CC's were then satisfied, then that would fly, but NEVER transfer property with a known suit about to happen. Big time probs. 'Hub

[momofthree]

OH NO Momofthree!!! You know better. That is attempting to defraud by hiding assets. Not even in bk, but if a litigant knows of an impending lawsuit, then attempts to transfer property or funds, this is illegal and can be voided even if sold. It is too late to transfer any kind of asset. If it were five years ago, fine but this is not appropriate at this time and could incur further problems. If the person sells the property and perhaps given a life estate, and the CC's were then satisfied, then that would fly, but NEVER transfer property with a known suit about to happen. Big time probs. 'Hub

Oh, WHOOPS! Ignore my post then, lol. Guess settlement is the best option for her then if she wants to keep her farm...