If one co-owner of land files for bankruptcy, what happens to the other co-owner's share?

Question Details:

Can I lose inherited land in mine and my married daughter's name by filing bankruptcy for my husband's medical bills?

Asked 8/30/2011 under Bankruptcy | 247 View(s) | More Legal Topics

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Bankruptcy Law Answers

Mark J. Markus / Mark J. Markus, Law Offices of Answered 8 months ago | Contributor This attorney is licensed in California

If you file bankruptcy, then any assets you have an interest in are part of the bankruptcy estate. In a Chapter 7 case, the Trustee can sell any assets, including those co-owned by someone else, unless you have sufficient exemptions under applicable law to protect them.

Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

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