Lake house is an inheritance to 3 siblings. One of the siblings is going through bankrupcy and want to sell the house. Can this legallly be done?
Question Details: One of the siblings is going through bankrupcy and wants to sell the house. Can this legallly be done? Ownership is split 3-ways and the two other siblings do not want to sell the estate. Is the bankrupt sibling able to force the sale of this real estate to compensate his bankrupcy?
Bankruptcy Law Answers
The bankrupt sibling's interest in the property is now property of the bankruptcy estate. You may be able to "buy" the interest from the trustee, or the trustee may abandon the property if he/she determines that there is not equity in it. You should determine if your sibling has filed a Chapter 7 or a Chapter 13. Then, determine what if anything the trustee plans to do with the property. then, hire a bankruptcy attorney if necessary to convince the judge that the property is valuable only to you and your other sibling - and does not present a value to the creditors.
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