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If someone owns two homes one he lives in and the other you are paying for and living in and he files bankruptcy will it affect your home or can he reaffirm both homes and just file on his other debts?
Wiki User
∙ 8y ago
This depends on the laws governing bankruptcy in your state. Whether or not you can use both state and federal exemptions and several other factors. Usually a trustee will only allow the home that is the primary residence of the filer to be used as an exemption and/or reaffirmed. This means the home you occupy would be included in your father's assets and would be sold. In order to protect your home it would have to be titled in your and your wife's name. Which may or may not save it, as there is a bankruptcy law called "fradulent conveyance". It is quite complicated, and I would advise you seek the counsel of a good bankruptcy lawyer.
Wiki User
∙ 8y ago
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If you are not married but live with someone are they counted in the means test for bankruptcy?
When you are living with someone they are not included in your bankruptcy. If you are paying them rent, then the money you pay is an expense and will be considered for bankruptcy.
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Your bankruptcy attorney is best prepared to answer your question, especially if you expect to continue living in the home.
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Sentence with the word bankruptcy?
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