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Two people own property together and one declares bankruptcy what happens to the other owner?
Wiki User
∙ 15y ago
Nothing. In a chapter 13, there is a co-debtor automatic stay, but other than that, nothing.
Wiki User
∙ 15y ago
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What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
What happens if you consigned for real estate and the person declares bankruptcy?
You need to consult a nearby personal bankruptcy attorney that has experience in working with creditor's privileges.
What is meant by student loan bankruptcy?
Student loan bankruptcy happens when a student has not been a student for the last 7 years and declares bankruptcy. For more information please contact a student loan office.
What typically happens to ones retirement if a company declares bankruptcy?
If a company manages its own retiements system, the funds of the system are lost if the company declares bankruptcy. In the United States there is a system for insuring retirement systems, but the payout to individuals is generally much less through insurance than would have been provided by the retirement system itself. If a company has its employees contribute to a retirement system managed by a third-party provider, those employees who are vested in their accounts may not loose them if the employer declares bankruptcy.
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
If a tenant lives in a property where a landlord has a bankruptcy and does not reaffirm the loan what happens?
As long as the landlord still has control over the property he has the right to collect rent on it and evict non-paying tenants.
What happens if the motion for relief from a stay is denied?
Bankruptcy protection remains in place and the creditor who was denied the stay will remain a part of the bankruptcy and cannot attempt to collect the debt owed.
What happens if a co signer files bankruptcy?
They both go bankruptcy
What happens to a judgment lien in a bankruptcy?
If the bankruptcy is discharged you are no longer responsible for the debt.
What happens to funds belonging to bankrupt firm located in state's unclaimed property department after firm declares bankruptcy and bankruptcy is settled?
Stays with the state until claimed by its owner...same as without BK.
What happens if three people inherited property and one of three files bankruptcy?
The bankrupt's property interests can become part of the bankruptcy estate and ultimately disposed of by the court. On motion, indivisible interests might be excluded by the Bankruptcy Court and alternatively may be subject to satisfaction of value to creditors out of financial assets to protect the interests of the other owners. Sometimes some assets are simply absolutely excluded from the bankruptcy estate by statute in Title 11, or a rule promulgated thereunder, or in a common-law precedent.
