I live in illinois and had quit claim deeded some real estate to a friend of mine. There was no consideration. How would this be looked at in a bk and how much time has to go buy so this isn't even looked at anymore. Thanks.
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did your friend refinance the house in his/her name? If not - then you are still legally responsible for the mortgage note and it would be an asset to you.
Quit claiming does not remove your financial responsibility - it only removes your interest in the property.
Further reading / questions answered can be found here: http://www.mortgagefit.com/search/quitclaim-deed.html
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