Q: My siblings and I own each an 1/8 interest in a property. My brother is filling bankruptcy. What happens?
A: I'm not licensed in Kentucky, so you should consult an attorney licensed in your State. In most States your brother's 1/8 interest would not be exempt under law. What that means is that his bankruptcy estate would include his 1/8 interest and the bankruptcy trustee would be entitled to his interest. The most common resolution would be that the the other siblings could pay the value of his interest to the bankruptcy trustee and keep the property in the family. Do not attempt to transfer the property before he files, as this will likely backfire. Contact a local bankrutpcy lawyer for more onpoint advise.
A: You snd your siblings will need to purchase his 1/8 interest if you want to log eep the property among the seven of you. Otherwise, the trustee can sell the property.
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