Q: I own a house with my parents. If dad goes bankrupt can they take the house?
Mom and dad are both late in their late 70's and I know dad has $25 - $35 thousand in credit card debt and his business has at least that much. I can make the house payment but if one dies I can't pay his bills. How would bankruptcy work in California.
At the risk of asking two questions, my wife and I are on the mortgage but I don't think we ever did any official change to the mortgage with the county. Would that have changed automatically when we were put on the mortgage?
A:
You have posed a multi-part complex question that only be definitively answered by a talented real property/bankruptcy lawyer in California. For instance, you cannot just waltz down to the court house and "take your name off" a mortgage. You are also resident in a community property state which has its own set of rules.
So go see lawyer now before things become more complex, like the intervention of an untimely death
Peter Maurice Lively agrees with this answer
1 user found this answer helpful
A: The prior answer covers it well. You have a lot to talk about with an experienced bankruptcy attorney. You can usually get a free consultation and find out exactly what options you have.
A: I agree with my colleagues. There are many issues raised in your question(s) that would best be answered by talking directly to an experienced bankruptcy attorney and perhaps a probate attorney. Some of us offer a half hour no charge consultation that might be able to provide some initial general information to lead you in the right direction for a more thorough discussion. Get the information you need as soon as possible so you can understand your options and the related issues.
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