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I am about to file for Chapter 7 Bankruptcy in California. In 1996, shortly after my father died, my mother filed a quitclaim deed and lists her 4 children as joint tenants. My mom and one of my sisters live in the house, which is paid for. I certainly don't want to cause harm or concern to my family, and wonder how this might affect my filing bankruptcy.

jenkin7 · Posted: Fri Jun 19, 2009 10:43 pm Post subject:

Hi ljk,

Your filing for chapter 7 bankruptcy will not affect the other joint owners of the house. Their credit scores should be absolutely fine. The house is not your own. It is co-owned by you and other joint tenants. Thus, your creditors will not be able to come after the house for your personal debts.

Guest

My wife and I are joint owners of property in Florida ( it's paid for) with my wife's sister and brother. My wife's sister is planning on filing for bankrupcty, how will this effect us as joint owners?

adonis · Posted: Mon Nov 02, 2009 9:33 pm Post subject:

Hi riptide,

Your wife's sister can file bankruptcy on her own and include the property in her bankruptcy. I don't think your credit would get hampered as you are on the property. However, it would be mentioned in your credit report that the property was included in someone's bankruptcy filing. Moreover, there are chances that you would lose the property if the trustee sells it off to pay off her creditors.

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Bankruptcy and joint tenants