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Basically, all the things....his credit will be affected badly...although as a general rule, by the time one declares BK it normally is already. What happens with his interest in he property depends on many things, and most certainly how the 2 of you hold title. Presuming it is as tennants in common, his interest will be part of the BK and the court would probably ask you to buy him out, so the money can be used to pay his debts...if that can't be arranged, they can sell it to anyone, again to pay his debts, and you basically become partners with whoever that is. Of course, if you own it together through some legal partnership, there can be some twists...but the bottom line is....he doesn't get to not pay his debts and keep things of value those creditors would be happy to have instead of nothing.
What else can I help you with?
If you have a home and you are buying a second home for investment is it better to refinance with higher rate or take a home equity loan?
Home equity Loans and Investment properties both come with high Interest Rates. However, if you were to claim bankruptcy with a rental property they would take the rental property and you can keep your home. Homestead law. On the other hand, if you file bankruptcy and have a second lien on your home you are still liable for payment and they would still take you rental property to pay off debt. (If their attorney is smart.) Depends on how stable your income is and if you have a chance of ever claiming bankruptcy. Ask yourself how big of a risk it is to get this investment property?
Is there a period of time after filing for bankruptcy you should wait for income that isn't affected?
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
What do you do with property that has been unclaimed in a bankruptcy?
It depends. Depending on the interest of the Trustee in Bankruptcy, and whether or not they have abandoned the property, will determine whether or not the debtor in Bankruptcy will be permitted to take the property if the creditor has abandoned the property. Bottom line is that it depends on the facts, contact your Bankruptcy attorney or a reputable Bankruptcy attorney to get more information.
How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
What is the population of Investment Property Databank?
The population of Investment Property Databank is 314.
What is Investment Property Databank's population?
The population of Investment Property Databank is 2,010.
What exactly is a prudential property investment?
Prudential is the name of the umbrella company. They handle purchases of large property which would be the property investment part of this. Hence, Prudential Property investment.
Are there dower rights on investment property?
In most states there aren't any dower rights on investment property. They have rights on regular property but not inheritance or investment.
What profession specializes in offering property investment advice?
The Property Investment Advisor would be the person qualified to give property investment advice. Property Investment Advisors are trained to turn investments into large multi-million dollar portfolios.
What is the symbol for Brookfield Property Partners LP in the NYSE?
The symbol for Brookfield Property Partners L.P. in the NYSE is: BPY.
When was Henry Kuehle Investment Property created?
Henry Kuehle Investment Property was created in 1909.
What is the property limit you can include on a bankruptcy?
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
