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What happens if three people inherited property and one of three files bankruptcy?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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Two people own property together and one declares bankruptcy what happens to the other owner?
Nothing. In a chapter 13, there is a co-debtor automatic stay, but other than that, nothing.
What happens if only 1 person filed bankruptcy and both names are listed on property?
Then only the debtor's interest in the property is considered part of the BK estate. For example, if 2 people own the property, then 50% of the property is included in the BK. If there is enough equity, the Trustee may order the sale of the property in order to pay back creditors.
If you are a title holder of real property but are not on the mortgage loan and or mortgage note of that property can a lien be placed against the real property if you file bankruptcy?
This would be a most uncommon situation...you own the proerty but other people have it mortgaged? Your bankruptcy effects everything you own, not just what you may owe on. Your ownership of this property is included.
Can assets of the people you live with be seized if you declare bankruptcy?
Perhaps. If the filing party is on a deed for real property or joint bank account with the others that property might be "frozen" until the amount each party is entitled to is proven. It will depend on what the property is and how it is titled. If this is the issue it would be advisable to consult a bankruptcy attorney.
How was the knowledge of the way traits are inherited changed people's lives?
People now know the different generations. That can help them understand traits and the changes. People are easily catching on with the inherited traits and what happens, and now they can predict the different traits their children will inherit from them.
What chapter of bankruptcy makes you give up everything you own?
Chapter 7 bankruptcy is for an individual, company or corporation and will stop collection attempts in exchange for giving up assets. This type of bankruptcy is for people who can not afford to pay their debts. Sometimes people who file chapter 7 are allowed to keep some or all of their property but what they are allowed to retain will vary from state to state.
How can someone with bad credit get a home loan?
The Federal Housing Administration can assist people with bed credit get a home loan. They have programs available for people who have declared bankruptcy or have a foreclosed property.
Does Stepped-Up Basis apply to property inherited via right of joint survivorship?
No. Survivorship is not an inheritance. When two people own property by survivorship and one dies, their interest is extinguished and the survivor becomes the sole owner.
In Nevada when a property is owned by two people - siblings inherited property - is there a way to sell if one wants to and the other doesn't?
Yes, you will need to involve lawyers and courts if you can't come to some agreement to sever your tenancy in common.
Is there a book that answers questions about bankruptcy?
The book Bankruptcy for Dummies answers most of the important questions people have about bankruptcy.
A trustee removed the bank's lien so he can liquidate the property to pay creditors. Can a property be released from a mortgage if one person is on the mortgage and two people are on the deed?
A duly appointed trustee in bankruptcy can obtain permission from the court to sell the property free from encumbrances. That is the only way the property can be transferred free from the creditors liens.
What can not be inherited by people?
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