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If siblings own land from deceased parents and one files bankruptcy and they take her part can they also take the other siblings' land?
Wiki User
∙ 17y ago
In general - and this is no exception to that rule - you cannot be held liable for your brother's debts. This means that when your brother/sister files for bankruptcy your assets cannot be taken. However, if you co-own something (like land) with your brother, all your brother's assets can be taken (a few exceptions exists) including his part of the land. This means that your brother can and will be forced to transfer ownership of his part of the land. Depending of the prevailing state law and the particular circustances the whole lot will be sold (and you get half of the receipts) or the new owner will only be co-owner and has to accept the limited rights of being only a co-owner.
Wiki User
∙ 17y ago
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