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I recently filed for chapter 7. It has been discharged. But my lawyer had me sign a quit claim document for a interval ownership piece of property that I owed maintenance fees on. I realize that I lost the piece of property. That is ok, as I no longer wanted it. What happens to the proerty when a quit claim is ordered?does it go to satisfy all the debts listed, i a pool, or does it go to that debtor?
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The property is no different than any other asset. It will be sold to satisfy as much of your debt as possible. You may end up with added income(based on their loss) to file next year. -
Quitclaim Deed Definition - What is a Quitclaim Deed?
Seems to mean that the Quitclaim deed just means you give up any claim to the property that you had from before.
Which, as Maat was saying, makes sense, since you'll be selling the property to pay your debtors.Comment
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