Property owned jointly

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


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

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