What happens to my half of a home if the otherco-ownerfiles for bankruptcy?

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What happens to my half of a home if the otherco-ownerfiles for bankruptcy?

My sister and I own my deceased mother’s house jointly. She is thinking of filing for bankruptcy. What could happen to each of our halves of the house? I am not filing for bankruptcy and want to keep my half.

Asked on July 11, 2011 under Bankruptcy Law, Tennessee

Answers:

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

Answered 9 years ago | Contributor

That depends on what chapter she files, what equity there is in the house, and what exemptions your sister has available under applicable state law.  Exemption laws are based on the state where the bankrupt resided for the 2 years prior to filing the bankruptcy case or, if theylived in more than 1 state during that period, in the state where they resided for the greater part of the 180 days prior to that 2 year period.    

If there is non-exempt equity in the property, and she files a Chapter 7 case, the Trustee could sell the entire property and you would be reimbursed the value of your share.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Follow Me on Twitter:  @bklawr

 

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

Answered 9 years ago | Contributor

That depends on what chapter she files, what equity there is in the house, and what exemptions your sister has available under applicable state law.  Exemption laws are based on the state where the bankrupt resided for the 2 years prior to filing the bankruptcy case or, if theylived in more than 1 state during that period, in the state where they resided for the greater part of the 180 days prior to that 2 year period.    

If there is non-exempt equity in the property, and she files a Chapter 7 case, the Trustee could sell the entire property and you would be reimbursed the value of your share.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Follow Me on Twitter:  @bklawr

 


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