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What happens if only 1 person filed bankruptcy and both names are listed on property?
Wiki User
∙ 13y ago
Then only the debtor's interest in the property is considered part of the BK estate. For example, if 2 people own the property, then 50% of the property is included in the BK. If there is enough equity, the Trustee may order the sale of the property in order to pay back creditors.
Wiki User
∙ 13y ago
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What is the property limit you can include on a bankruptcy?
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
Can a person keep and file bankruptcy if the home is under any mortgage?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
Can a person who surrendered their property in bankruptcy sign a deed in lieu?
A person who is engaged in a bankruptcy proceeding cannot convey property outside of the court proceeding. You should contact the trustee in bankruptcy for advice because the court will want to review the transaction. You will likely need a court order to execute the deed.
What happens to the person who needs to file bankruptcy before discharged from previous bankruptcy?
The short answer is to get the case dismissed so it can be refiled.
Can a person discharged from chapter 7 bankruptcy purchase real property after discharge?
Unlikely, because no lender will give the person a mortgage. There is no legal barrier to buying real property if the person can get the funding.
What happens to a house when the only person listed on the deed dies and has two sons?
Assuming there is no will, the estate must be probated and the property will pass to the two sons in equal shares.
Can someone who stands to inherit land lose it if they are in or file bankruptcy?
If the person who currently owns the land is not yet deceased, then the person who may inherit the land has no current interest in the property. This has no effect on bankruptcy proceedings.
What happens to an incomplete bankruptcy filing if the filer dies before its completion?
The filer has to be in person for the 341 meeting so the bankruptcy would be dismissed. A bankruptcy may still be discharged if they are just waiting on the judge to discharge the bankruptcy.
What rights does an alternate owner on property tax records have to the property if listed as in care of?
The only person with rights to the property is the grantee on the deed. If the tax bills are sent "in care of" another person that other person acquires no interest in the property.
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.
Can a person that is not listed on the mortgage be held liable?
In a communtiy property state, yes.
How do you find if you are listed as a creditor in chapter 7 filling?
You will receive, directly from the bankruptcy court, a notice of filing and information on filing your claim with the court. If you believe a person has filed bankruptcy, and you know the person' s address, you can check with the clerk of the bankruptcy court. The bankruptcy court one files in is determined by the county within which the debtor resides.
