Posted: Fri Jun 19, 2009 4:28 pm Post subject: Bankruptcy and joint tenants
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. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
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.
riptide Guest
Posted: Mon Nov 02, 2009 7:22 am Post subject: joint ownership of property
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?
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. _________________ Procrastination is the enemy of your financial sucess
jenkin7
