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daltonsjr · Joined: 22 Jul 2008 Posts: 17 9.36 Dollars($)

Hello,

I own a home in NYS and had a rduction in income- bill have piled up and would like to save the home and file for chapter 7.

The only problem is I own a seperate property with siblings(was deeded to us years ago and has no mortgage). Is it possible to use this property and force a sale(some of my sibs do not wish to sell)

I would rather use the equity in this property to pay off debts to save primary home. I understand only my share would be used to pay the debts and the others would get their equal share. Just wondering if this is "do-able"

Thank you

State NY

jameshogg · Posted: Sat Feb 12, 2011 1:47 am Post subject:

Hi daltonsjr,

You will have to include the property in your bankruptcy filing. The bankruptcy trustee can sell off the property. Your siblings will get there share from the sale proceeds whereas your share will be used to pay off your creditors.

Thanks

daltonsjr · Joined: 22 Jul 2008 Posts: 17 9.36 Dollars($)

Hi Jameshogg,

Thanks for your reply.

One more question. I only have $50,000. in debt and my share of
said property is worth a bit more. Do they generally just take what they need and you get the rest or take the whole share and you are out.

And if a judge sees it is worth alot more will time be given for you to sell once it is partitioned

Thanks in advance

adonis · Posted: Mon Feb 14, 2011 12:12 am Post subject:

Welcome daltonsjr,

The bankruptcy trustee will sell off your assets and use the sale proceeds to pay off your creditors. If a excess amount remains after paying off your creditors, then that will be given back to you.

Posted: Mon Feb 14, 2011 2:12 am Post subject: BK and co-owned property

Hello,
That's good to know. Wondered if they just took things over and that was it.

Would this be a chapter 13 or 7, since I am paying off creditors by liquidating non exempt assets to keep my home instead of just 7 where it just is wiping out unsecured debt to still keep your home?

Wasn't sure if it would be 13 because there is usually a payment plan, If I did this and sold I would pay them off right away.

Also, does the trustee sell at auction or do they try to get a higher price for property?

Hope that sounded clear!

Thank you both for your replies

smithsussane · Posted: Mon Feb 14, 2011 10:24 pm Post subject:

Hi Guest!

Welcome to forums!

If your trustee is selling off your assets in order to pay off your creditors, then there are high chances that you've filed Chapter 7. However, in order to file Chapter 7, you'll have to clear the Means Test. The trustee will try to sell off the property at an auction.

Feel free to ask if you've further queries.

Sussane

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