Best Answer

The deed to the property is what determines ownership and what action can be taken against the property during bankruptcy or the execution of judgment.

User Avatar

Wiki User

โˆ™ 2006-05-18 23:29:46
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: If your friend is on a house loan with you and you pay the payment every month on time but he is filing bankruptcy could they still take the house from you?
Write your answer...
Related questions

What can be done to attain employment at 60years old after filing chapter 7 bankruptcy What if there is reasonable reason for filing chapter 7 Could the reason for bankruptcy be told to the employer?

How to get after job filing chapter 7 bankruptcy once it appears on the credit report

What is the difference between a discharged bankruptcy and a dismissed bankruptcy?

A discharged bankruptcy indicates the filing was found valid, approved and executed. The debtor is no longer obligated for those debts that were included in the bankruptcy. A dismissed bankruptcy indicates the BK was found to be invalid. It could the result of missing documentation, misrepresentation of facts and so forth. An important factor could be if the bankruptcy is dismissed with prejudice or simply dismissed.

How do you start filling for bankruptcy?

The best option is to hire an attorney. Unless you are very practiced in law, you could make a mistake. Making a mistake when filing for bankruptcy can have serious consequences.

Do you receive a check when filing bankruptcy?

Sorry, the question is confusing. In bankruptcy the filer reliquishes all non-exempt assets to the trustee, I have no idea of what type of "check" you could be referring to.

What are the rules for refinancing after bankruptcy?

The rule for refinancing after bankruptcy is that you should wait 10 years after filing bankruptcy even chapter 13 so that the bankruptcy is off of your credit and you can get a better chance of getting the refinance. You could try before it's removed but you will have difficulties.

Can a debt be discharged in a no asset chapter 7 if it was incurred a few weeks before the filing?

For the most part yes. The only problem you could run into is if the creditor involved believes that you intentionally incurred the debt with the intention of then filing bankruptcy. If they can prove this the debt is determined to be bankruptcy fraud and nondischageable.

I am my mother's legal trustee due to alzheimers I am filing BK will this affect my trustee status?

Question is unclear. Who are you filing bankruptcy for, her, or you? If for her, it should not affect you, personally or financially, in any way. If you are filing bankruptcy for yourself, your status as the trustee of, and your availability to, someone else's assets may come under close scrutiny by the bankruptcy court and your creditors. It they suspect, or can prove, any co-mingling of your assets with that of your mother's, REAL problems could ensue.

Could creditors claim from a deceased estate if bankruptcy of the recently deceased occured 20 years ago?

The events from before the bankruptcy filing or discharge make no difference to anything incurred after. It is not a lifetime forgiveness!

Where could a person who has declared bankruptcy apply for a loan?

Most people believe it is difficult to obtain a loan after bankruptcy, but the opposite is true. Since individuals can only declare bankruptcy every seven years, lenders know a recent bankruptcy guarantees payment. One could find a loan virtually anywhere, but always check local lenders.

If I used my credit cards close to the filing of my bankruptcy will it harm when filing?

Yes. If you are declared bankrupt, the Official Receiver will review your conduct leading up to the bankruptcy. If you have obtained or used credit immediately prior to the bankruptcy, this could be considered fraudulent use and the Official Receiver may apply to Court for a bankruptcy restrictions order against you. Depending on the seriousness of the offence, this could be for a period of up to 15 years. The main restrictions in bankruptcy are; you cannot obtain credit of more than £500, you cannot be a company director and you cannot hold certain public offices, such as the trustee of a charity.

If sued by collection what will happen?

If they get an award from the court (note that some collectors threaten law suit even though they might not have a good chance of winning an award), depending on your usual income and any equity in assets that could be liquidated to pay a settlement / award, then certain types of your property can be liquidated by court order for payment. Consider filing bankruptcy now. An excellent primer about either chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal. Also you might contact a paralegal or lawyer specializing in filing bankruptcy in the state of jurisdiction.

How do you get value of personal property for filing bankruptcy For Schedule B such as couch chairs washer dryer it asks for value is that determined by purchase price or what it could sell for?

What it could realisitically sell for

Can you declare bankruptcy you get 579 a month disability plus 62 food stamps you have 4000 credit card debt Cant pay the billss?

You could file bankruptcy, but do you have any assets that a creditor could come after? Your disability payments are exempt from garnishment. The filing fee for a chapter 7 bankruptcy is $209 and the attorney's fees will be $500 at a bare minimum. Bankruptcy is very difficult to do all by yourself.

Can a business that is a doing business under a corporation file bankruptcy without the corp filing bankruptcy?

It is the Corporation that files. If the department, division or whatever you refer to is also incorporated, (actually a subsidiary then), in most circumstances it could.

While filing bankruptcy is your current bank notified?

Only your creditors should receive the bankruptcy notice. A careless petition preparer could have names and addresses on the list that do not belong there. If you don't owe your bank any money, they should not be on the list.

Can you keep cash when filing bankruptcy?

Bankruptcy allows you to exempt cash under state and federal law up to certain amounts. Georgia has a $10k homestead exemption and if you don't own a home or have no equity, you could use the $10k exemption on cash.

After 10 years could you go back into bankruptcy?

Yes, after a bankruptcy has been discharged (a 10 year period if chapter 7 was filed), the possibility of filing bankruptcy again is open. If you live long enough, you can file several times. This gives new meaning to the phrase, "Live long and prosper."

If you don't pay my car payment can i be arrested?

You will end up having to go to court after awhile, you could claim bankruptcy and basically start over loosing most of the large items you have such as your car and home. But if bankruptcy isn't right for you, in the end your vehicle could be repossessed by the bank who owns the loan.

Can bankruptcy be paid in installments?

I'm assuming that the question pertains to the filing fee in a bankruptcy case. Years ago this option was available in some states (Maryland). A petitioner was allowed to make three equal payments over a time period, which I believe was 120 days. By the end of the time period all monies had to have been paid or the filing would be halted and dismissed. A new filing could be rendered, but then the payment option would be no longer available. Also, I think that the petitioner would have to forfeit (surrender) the fees paid. I also think that it was only available for Chapter 7 filings, which is basically liquidation. Chapter 13 is often called homeowners bankruptcy, as it allows a homeowner to keep their property with certain limitations. Chapter 11 is a business bankruptcy, fairly common in the marketplace, actually. You'd be startled to find out how many companies have filed it to get some breathing room.

Where could one go to find out information about a IVA loan?

IVA, or Individual Voluntary Arrangements are formal alternatives for individuals who are wishing to avoid filing to bankruptcy. It is a contractual agreement with creditors.

Is it true a collection agency has only 3 months to clear a debt?

In general, NO -- some types of debt can "follow you" perpetually, and there might be variations due to laws of the state of jurisdiction. If you are considering filing bankruptcy (and don't have enough equity in assets that you could liquidate to pay a settlement on the debt); an excellent primer about either chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal. Also you might contact a paralegal or lawyer specializing in filing bankruptcy in the state of jurisdiction.

Can someone transfer a house into your name while filing chapter 13 bankruptcy?

You should check with a Lawyer concerning transfer of property and Chapter 13 bankruptcy. Some things are legal and some things could bring a conviction of fraud and prison time. Sometimes there is an extremely thin line between the two! I assume that whoever is filing Chapter 13 has a lawyer. That would be the person to check with.

Can you file chapter 7 bankruptcy after filing chapter 13?

The U.S. Bankruptcy Code allows debtors to file for bankruptcy multiple times, but has changed the number of years you must wait between filings. Previously, a debtor could file under either Chapter 7 or 13 after a six-year waiting period. In 2005, this changed to coincide with the new rules for bankruptcy filings under Chapter 13.Chapter 13 After Chapter 7Section 1328(f) of the U.S. Bankruptcy code restricts debtors who previously filed for bankruptcy under Chapter 7 from filing under Chapter 13 for four years from the date of the Order for Relief.Chapter 13 After Chapter 13Under the same section, debtors who previously filed under Chapter 13 can again file under Chapter 13 after a mere two years from the date of the Order for Relief, although you may be required to finish payments under your reorganization plan before the judge will accept your filing.After a Dismissed Bankruptcy FilingIf you filed for bankruptcy, but the judge rejected or dismissed your filing, or you voluntarily or involuntarily withdrew from the proceedings, you may file under either chapter 180 days after the dismissal/withdrawal date.Rules for Filing Bankruptcy Multiple TimesWhile the U.S. Bankruptcy Code does not restrict the number of times a debtor may file bankruptcy, bankruptcy judges can--and do. Many judges routinely reject additional bankruptcy filings when they feel a debtor is abusing the protection or failing to honor his financial obligations to his creditors.ConversionsIf you wish to file bankruptcy under Chapter 13 because the provisions seem more appealing, you should consider converting your open Chapter 7 bankruptcy to a Chapter 13, instead.

What rights are conferred upon the party filing the plan pursuant to Bankruptcy law 1121c?

Only the right to file a plan. The party filing a plan must meet all the requirements of a plan. In 36 years of bankruptcy practice, I have never known of a case in which the plan was filed by a party other than the debtor, but if the debtor fails to file a plan within 120 days of filing the petition, a creditor or someone else could file a plan under 11 USC 1121 c.

Could vehicle get repo if co buyer is in bankruptcy?

The short answer is no. As long as you are making the payments the car will not be repossessed. When the co-buyer goes before the bankruptcy judge they can have the car included or excluded from the bankruptcy. If it's included then the car will be "voluntary" repossessed. If it's excluded then everything is "business as usual" for you. The key is to keep your payment current and on time.