Ifa joint homeownerfiles for bankruptcy but they are on the deed but not the mortgage, how does that effect the other owner?

My cousin and I went in together to purchase a home. The mortgage is in my name but she is on the deed along with myself. She is now getting ready to file Chapter 7 and I want to know how that will effect me and the home the we are buying together.

Asked on November 8, 2011 under Bankruptcy Law, Georgia

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

That depends on a number of factors, including exactly how title is held (e.g. joint tenants, tenants-in-common, etc.), the amount of equity in the property, and what exemptions you have available under applicable law to protect your interest in the property.

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.

You need to discuss this all with a bankruptcy attorney in your area who can more properly evaluate your situation after getting all the relevant facts.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

That depends on a number of factors, including exactly how title is held (e.g. joint tenants, tenants-in-common, etc.), the amount of equity in the property, and what exemptions you have available under applicable law to protect your interest in the property.

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.

You need to discuss this all with a bankruptcy attorney in your area who can more properly evaluate your situation after getting all the relevant facts.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.