If one co-ownerofa condofiles for bankruptcy, what happens to the other co-owner right to occupy the prmeises?

My sister and I own a condo in FL. I live in it. She is filing for bankruptcy in MO where she resides. Can they take condo from me?

Asked on December 31, 2010 under Bankruptcy Law, Florida

Answers:

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

Answered 9 years ago | Contributor

That depends on what Chapter she's filing, if there's any equity in the property, and what exemptions she has under applicable state law (probably MO if she's lived there for the past 2 years).  Without that information at a bare minimum, there's no way to answer your question.

In a Chapter 7 case the Trustee can sell the co-owners' interest in property if there are insufficient exemptions to protect the existing realizable equity in the property.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

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

Answered 9 years ago | Contributor

That depends on what Chapter she's filing, if there's any equity in the property, and what exemptions she has under applicable state law (probably MO if she's lived there for the past 2 years).  Without that information at a bare minimum, there's no way to answer your question.

In a Chapter 7 case the Trustee can sell the co-owners' interest in property if there are insufficient exemptions to protect the existing realizable equity in the property.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/


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