protect other owners of real property

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protect other owners of real property

My brother and I own real property. If I file bankrupcy , wll the land be protected?

Asked on June 5, 2009 under Bankruptcy Law, Michigan

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Under either a Chapter 7 or Chapter 13, an investment property of this sort would more than likely be taken over by the bankruptcy trustee.  If you have a joint ownership in land, the asset would be seized regardless of your partner’s financial situation.  Unfortunately, there is no way to avoid this forced sale.  However, the Court will only be able to claim your share of the equity; the rest of the equity will be returned to its rightful owner, here your partner.  However before that would happen, your partner would be able to make an offer to buy your share of the equity and this money would be offered to the trustee instead.

Since I don't know all of the circumstances of your case, I would recommend speaking to an attorney in your area for a more definitive answer.


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