Property owned jointly

Date: Fri, 06/06/2008 - 19:29

Submitted by alias1958
on Fri, 06/06/2008 - 19:29

Posts: 1230 Credits: [Donate]

Total Replies: 2

In a Bankruptcy, does anyone know what happens to property that is owned jointly with someone else? My husband and I are currently trying to avoid BK, but it may end up that we have no choice. I own some family property jointly with my brother. I live in California, and the joint property is in Utah.

I cannot give legal advice but I will tell you that I just signe

I cannot give legal advice but I will tell you that I just signed my BK papers today and I have a similar issue, owning joint property. You do have a $2,500 personal exmptation that you could apply to the property owned. In my case, the joint property owned does not have a high value and I was told the courts would not go after it because there is no way to split it in half. If the joint property has a high value, the courts could possibly force you to sell your share. Go and talk with a BK attorney, generally the first appointment is free, and be sure to ask the attorney about what would happen or could happen to the property owned jointly.

lrhall41

Submitted by anonymous on Tue, 06/10/2008 - 12:03

( Posts: 202330 | Credits: )

Thanks, Khill! My property doesn't have a high value either, so

Thanks, Khill! My property doesn't have a high value either, so maybe it would be safe. However, I guess it could probably be split in half since it is classified as "agricultural."

lrhall41

Submitted by alias1958 on Tue, 06/10/2008 - 13:33

( Posts: 1230 | Credits: )