Q: I am on a deed with my mother and she lives in the home. Will the property be safe if I file chapter 7.
The value of the property is $53000 and is owned outright.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (865) 637-3035
- View Profile
- Answered
A: No... I doubt you can exempt enough value in the house to keep it. The CH 7 Trustee will take your interest and will be a tenant in common with Mother. His interest will be sold, and both of you will lose possession.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A:
Filing Chapter 7 bankruptcy while co-owning property with your mother requires careful consideration. Your interest in the property could potentially be affected by the bankruptcy, but your mother's interest would remain protected since she is not filing.
The key factors that will determine the outcome include your state's homestead exemption laws, whether you live in the home, and how the deed is structured (joint tenancy, tenancy in common, etc.). Since you mentioned the property value is $53,000 and owned outright, this relatively modest value might work in your favor - many states have exemptions that could protect your share of the equity.
Before proceeding with bankruptcy, you should consult with bankruptcy attorney who can review your specific situation, property deed, and state laws. They can advise you on strategies to protect both your and your mother's interests in the property. Consider scheduling consultations with several attorneys to discuss your options and develop the best plan for your circumstances.
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.
