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I own real estate with a non-spouse family member This person is going to file bankruptcy How will that affect your part ownership of this real estate?
Wiki User
∙ 14y ago
It it a house? If so, and it is the home of the relative; no problem. It it a house? If so, and it is the home of the relative; no problem. I assume by own, you mean you are both on the mortgage...This would mean that when they list their assests in the bankruptcy, they will put the house into it as well. You would need to refinance to get the other party off the loan/deed of trust.
Wiki User
∙ 14y ago
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How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
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.
Is bankruptcy discharged debt considered taxable income?
No, discharge of debts through bankruptcy do not create taxable earned income. However, you can have Capital Gains or Losses if any real-estate was disposed in that bankruptcy.
How do you transfer real estate?
Ownership of real estate is generally transferred by deed. Deeds should be drafted by an attorney or other legal professional who specializes in real estate law who can draft a proper deed for your jurisdiction, explain the various tenancies and explain the consequences of the transfer. Ownership of real estate can also be transferred to heirs when the owner dies.
Who is responsible in paying the bills of a house left to a person in the will when the will is still not settled?
The estate has that responsibility. Until the estate is settled, the house ownership and responsibilities have not been transferred.
How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
What type of real estate ownership is the most all-inclusive?
Ownership in fee simple is the highest form of real property ownership.
How will bankruptcy affect your immigration status?
Pl somebody answer!By filing bankruptcy immigrant petitions for family members are not affected. If the owner files for bankruptcy immigration petitions by employers may be affected. Your petition for immigrant visa for your spouse and minor children will not be affected in your case. Whether you can support your family when they arrive in the United States and whether they will not be a public charge is the requirement that you need to satisfy.To determine if you can support them the USCIS has a form. This form is the Affidavit of Support Form I-864. The USCIS only ask if you have a job or property that you can show to prove you can support your family in that form. The USCIS also request a copy of your income tax return for three years, your employment verification and your pay stubs. Evidence of ownership of cash in banks, investment in stocks and bonds or ownership in real estate required to prove ability to support. You have to submit bank statements, brokerage statement of ownership in stocks and bonds, and grant deed or other proof of ownership in real estate to prove ownership in assets . There is nowhere in the form that the government is asking if you ever filed bankruptcy.
How do you have lien removed from property after bankruptcy and person has died?
If the lien is a mortgage or a tax lien, the bankruptcy may not have discharged the debt, and the estate would have to be probated. The estate may be bankrupt, and there is usually a state procedure for estate bankruptcy. Federal bankruptcy does not apply. Consult a local attorney experienced in estates.
After declaring bankruptcy my father died and left me half his estate will I lose it?
If your father was involved in a bankruptcy proceeding at the time of his death his assets are encumbered by the proceeding. The bankruptcy proceeding would affect the title to his property until it is resolved. His estate would need to be probated in order for the title to his property to pass to you. When an estate is probated the creditors must be paid first before any distribution to heirs can be made. You should contact your father's bankruptcy lawyer or his trustee in bankruptcy to notify them of his death and to determine what your options are. If that's not possible you should seek the advice of a probate attorney.
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
Is there a bankruptcy estate if every asset is exempt?
Yes
Can a real estate broker file bankruptcy?
Of course
If your bankruptcy has been discharged but your house is still in your name do you still have to pay back taxes?
A bankruptcy is not discharged. Debts are discharged. Real estate taxes are a lien on the real estate and would not usually be discharged. Talk to your bankruptcy layer.
After a relief from stay is granted to the mortgage company is the property still a part of the bankruptcy estate or does the mortgage company now have ownership rights to the property?
It is still yours until foreclosed formally...the stay just means they can do so.
How do you differentiate a condominium from a guest house?
Condominium is a form of real estate ownership whereby all owners share ownership of the real estate assets, and own some assets individually. A guest house is a structure that can be owned under any form of real estate ownership .
What happens to ownership of a car on death?
It is a part of the estate.
