Q: I own a duplex with a friend. We each live in one unit. The mortgage loan and the title list both of us.
He is going to file for bankruptcy..is that going to affect me or the property in any way?
A: When the co-owner files for bankruptcy, he will be required to list the property, his interest, as well as listing the mortgage lender as a secured creditor. There will also be a place for him to identify the co-owner. It will be critical to get a current fair market value for the property from a local realtor as the value must be listed along with the balance due on the mortgage. It will also be important for him to seek guidance from an experienced bankruptcy attorney who can evaluate the property and make sure that it will not be jeopardized as a result of the bankruptcy filing. He should not file without this crucial analysis and without an attorney representing him in the case.
Sally J. Elkington agrees with this answer
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- California
- (510) 841-6164
- View Profile
- Answered
A: Yes it will. Best of luck.
A: The short answer is yes. There are all sorts of considerations that should be clear before he files. First and foremost is he using a reputable attorney. Next is he filing a Chapter 7 or Chapter 13. Another question is do you have equity in the property and if so how much. Also, how do you hold title in the property. As you can see, this can be very complex. Make sure your co-tenant gets all of these questions answered to your understanding.
A: That may indeed affect your ownership rights. What type of bankruptcy? Will the duplex be attached to the bankruptcy? Does he owe money on it? Do creditors have an interest in it? More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
