How does an individual bankruptcy filing affect jointly owned real estate?

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How does an individual bankruptcy filing affect jointly owned real estate?

The property is currently recorded with 2 deeds; 1 deed listing myself as owner of 1/2 of the property and the other deed lists my 3 cousins (one deceased) and the remaining 2 survivors as the owners of the other half of the property (50 acre timber and farmland). How does their filing for bankruptcy affect the title and ownership of the property?

Asked on January 14, 2011 under Bankruptcy Law, Michigan

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Generally speaking, a bankruptcy by one of the co owners of property brings their share of the property in to the bankruptcy and lists it in the bankrupt estate.  Now, your question raises a lot of questions here.  Why are there two deeds that were recorded for the property?  Do the deeds really state that only half of the property is owned by the other three?  I would take the documents to a real estate attorney - ad not the one you used to transfer the property in to two deeds - to review on your behalf.  You need to protect your asset here and you may want to consider bringing a partition action to separate the ownership from your cousins.  Good luck.


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