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If your wife and her sister inherited a duplex when their father passed away and now her sister is filing bankruptcy and putting a lien against the duplex what can you do to protect your interest?
Wiki User
∙ 19y ago
When the Estate is left to siblings equally such as your wife and sister, then your wife should receive her half and her sister can claim bankruptcy on her half. Wills are made for a reason and your wife's father left 1/2 to each of his daughters and half your wife should get! I would see a lawyer and start proceedings on this. It may just be that your wife's sister can only put a lien on her half of the property, but red tape can get messy. Please seek out legal council. Good luck Marcy
Wiki User
∙ 19y ago
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The person has a lien because they have a legal financial interest in the property. That makes 'protecting' the property very difficult without either purchasing their interest from them or having their interest removed through bankruptcy.
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Purchase principal only (PO) strips that decline in value whenever interest rates rise.
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No, you can't get fired for filing for bankruptcy because as what federal law prohibits an employer to discriminate against you for declaring personal bankruptcy. In fact, you will probably be happy and relieved to know that your constitutional rights protect you from being fired for filing bankruptcy. Yes, it is a violation of your rights, not to mention a crime to fire someone for filing bankruptcy. So, don't worry your job is safe.
What happens if three people inherited property and one of three files bankruptcy?
The bankrupt's property interests can become part of the bankruptcy estate and ultimately disposed of by the court. On motion, indivisible interests might be excluded by the Bankruptcy Court and alternatively may be subject to satisfaction of value to creditors out of financial assets to protect the interests of the other owners. Sometimes some assets are simply absolutely excluded from the bankruptcy estate by statute in Title 11, or a rule promulgated thereunder, or in a common-law precedent.
Can you use tenancy by the entirety to protect property during bankruptcy when using federal exemptions or can it only be applied when state exemptions are used?
Any interest in property, no matter how you hold title, has to be disclosed for possible payment to creditors.
