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If 3 siblings jointly own property with no mortgage and one files for bankruptcy how does that affect the others on the deed?
Wiki User
∙ 15y ago
Bankruptcy is an action that one takes against one's creditors. If there is no creditor, i.e. no mortgage, how is this relevant? Or did someone take out secured credit with the property being used as collateral? Also it depends on the type of deed you have. It could be a joint tenancy or a tenancy in common. I'm assuming this is a tenancy in common, with each person having a 33.33% stake in the property, and with rights of survivorship and rights of occupancy. It depends on your state, country, and the type of bankruptcy, but generally you are allowed to "reaffirm" a debt that is secured against a property. Some property is considered exempt from liquidation if this is for unsecured debt, but the amount of property that a debtor may exempt varies from state to state. Consider buying out their share in the property before the bankruptcy proceedings commence. Maybe your sibling could give you a really good deal on their share of the property, and then you could give them a good deal on selling it back to them later after the bankruptcy proceedings have completed. ;) If there is no current lien against the sibling's share of the property I would recommend asking them to sell you their portion of it. Bankruptcy is an action that one takes against one's creditors. If there is no creditor, i.e. no mortgage, how is this relevant? Or did someone take out secured credit with the property being used as collateral? Also it depends on the type of deed you have. It could be a joint tenancy or a tenancy in common. I'm assuming this is a tenancy in common, with each person having a 33.33% stake in the property, and with rights of survivorship and rights of occupancy. It depends on your state, country, and the type of bankruptcy, but generally you are allowed to "reaffirm" a debt that is secured against a property. Some property is considered exempt from liquidation if this is for unsecured debt, but the amount of property that a debtor may exempt varies from state to state. Consider buying out their share in the property before the bankruptcy proceedings commence. Maybe your sibling could give you a really good deal on their share of the property, and then you could give them a good deal on selling it back to them later after the bankruptcy proceedings have completed. ;) If there is no current lien against the sibling's share of the property I would recommend asking them to sell you their portion of it.
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∙ 15y ago
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Can a mother and daughter file bankruptcy jointly?
the answer is yes, Yes mother and daughter can file bankruptcy jointly and also you and your husband will file bankruptcy jointly is still accepted as long as its not same sex marriage.
Should you file bankruptcy when there is a foreclosure and pending divorce situation and you do not want to keep the house and can not repay any money still owed to the lender?
If the mortgage is in both names, or if there is significant joint debt, you are better off filing bankruptcy jointly before the divorce is final. If the mortgage company forgives the balance, it will count as income to you and you will have to pay taxes on it in the following year, unless you file bankruptcy. Or the mortgage company can sue on the deficiency and get a judgment good for 10 or 20 years. Unless you file bankruptcy.
When a judgment is awarded against a man and wife and his company and the husband files bankruptcy on the company but the wife is not a party to the bankruptcy can her wages be garnished?
If both persons were sued and a judgment awarded but only the husband filed bankruptcy and included the debt; the judgment can still be executed against any non-exempt property belonging to the wife and perhaps jointly owned property as well. The legal presumption is that the debt is still owed because it was jointly incurred.
Investment Property?
form_title=Investment Property form_header=Now is a great time to invest in property. Get help evaluating prospective opportunities from investment experts. What type of property are you interested in investing in?*= _[50] Do you have the available funds to invest in property?*= () Yes () No Are you planning on applying for a mortgage or business loan?*= () Yes () No Do you have any other investment properties?*= () Yes () No Will you be investing in property individually or jointly?*= () Individually () Jointly
What percentage of the proceeds is due to the wife when a property is sold?
If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.
What should you do if your husband and you jointly bought a property but he mortgaged it without your knowledge and he is now overseas and the mortgage company wants you to make payments?
you should get a devorce with him!!! i would.
If a spouse files for bankruptcy will assets such as property that are in the name of the of the other spouse only be seized?
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
If three siblings jointly own property in Colorado can one file chapter 13 bankrupty?
Sure. That persons 1/3 interest in the property weill be included in the BK filing though.
Can an adult child who is not on the mortgage agreement with their father but is on the property deed be evicted by their siblings if their father dies?
A deed or title is what determines who owns real property, so the answer would be no. However, it is extremely important for any property owner to be certain the title or deed is worded to their best advantage under the laws of the state where the property is located. Jointly owned property when not held by a married couple should, whenever possible, be titled Joint Tenants With The Right to Survivorship, (JTWRS).
Can you take out a second mortgage against a property jointly owned by your ex and you without her permission if your name is on the deed in Pennsylvania?
The bank will require the other owner's signature on the loan.
Can you get a second mortgage if the house is in yours and your wife's names?
Jointly
My husband and I are separated he's filing chapter 7 bankruptcy One home is in his name and another in both of our names Can the court take my home Iowa?
The court does not take anything. Is that the one in both names? Was he paying the mortgage or part of the mortgage? I strongly urge you to get your own bankruptcy lawyer, since this is a very technical area of bankruptcy law. You need to find out if he intends to abandon his interest in the homes or intends to reaffirm the mortgage(s). Abandoning the property can cause problems if you cannot pay the mortgage on "your" home in Iowa. The real estate would be foreclosed on if there is a mortgage, unless you can make the payments on a joint mortgage or refinance in your name alone. You can also sell the house owned jointly, though you might need his agreement to sign the transfer documents or file a legal action in Iowa if that was where you were living when the separation took place or if venue lies in Iowa for other reasons. I said it was technical!
