Q: If a house is in my and my brother's names and my brother files for bankruptcy, will that affect my ownership interest?
A: It might affect your ownership interest. If there is equity in the property and you both own the house 50/50 the bankruptcy court may take over his 1/2 interest and require that the property be sold (and split the proceeds); that or have you buy out your brother's interest by paying into the bankruptcy court. If the property is your main residence, you may be able to protect some of the equity as part of your homestead. If there is little equity in the property, the bankruptcy will really have no effect on your ownership. Best to consult a knowledgable attorney regarding the specifics of the situation.
David Earl Phillips agrees with this answer
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