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| Author: |
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Pat |
| Date: |
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January 16, 2003 |
| Question: |
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If I own farm land in a joint title with my father and the farm is rental income can I take my name off the title and give the farm to my father before I go bankrupt?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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January 16, 2003 |
| Answer: |
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Transfer or sale of property to a family member within one year of bankruptcy (5 years if real property) will be reviewed by the Trustee, and may be overturned by the Court if it was not done at fair-market value and your interest could have been used to pay creditors. You may want to obtain legal advice before making any decisions.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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