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I am thinking about doing a chapter 7 bankruptcy, but I am on the deed with my brother and grandmother. The house is paid off. Can the trustee make me sell it?
11 ANSWERS
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Depends on the value of the house, state exemptions, and debt owed.
Answered on May 30th, 2013 at 2:36 AM
If you have non exempt equity it would be possible for the trustee to liqidate the asset.
Answered on Apr 04th, 2012 at 11:10 AM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Generally, your house is exempt in bankruptcy if it is your primary residence. I suggest you consult with a bankruptcy attorney to discuss your situation in greater detail.
Answered on Apr 04th, 2012 at 10:40 AM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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I am assuming this is where yoiu reside. Generally, in Florida your home is protected. There may be a problem if a lump sum was used to payoff the mortgage. You need to consult an attorney before filing any case.
Answered on Apr 02nd, 2012 at 9:57 AM
Family Law Attorney serving El Cajon, CA
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Law Offices of Sheryl S. Graf
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The answer to your question depends on the value of your interest in the residence, your overall financial circumstances, and a variety of factors. You should contact an attorney who is knowledgeable in bankruptcy proceeding for specific advice and exemption planning. This information is general and should not be construed to be formal legal advice, nor the formation of a lawyer/client relationship.
Answered on Mar 30th, 2012 at 12:40 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If there is non-exempt equity in the house the trustee will sell it.
Answered on Mar 30th, 2012 at 9:08 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes. However, the Trustee would allow the owners to buy your portion.
Answered on Mar 29th, 2012 at 1:51 PM
Chapter 13 Bankruptcy Attorney serving Beaverton, OR
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Law Offices of Alexzander C. J. Adams, PC
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If you interest in the house is above your exemption level, the trustee can administer the house. This amount will be very low in Oregon ($400 or so) unless you live in the house as your homestead. Whether or not and how the trustee deals with this issue - through sale or lien or another procedure - will largely depend on the trustee assigned to your case.
Answered on Mar 29th, 2012 at 1:40 PM
Yes, the court can force the sale of your home if there is equity in it over and above the amount of your homestead exemption. You need to consult a certified specialist in bankruptcy law before you file bankruptcy to be sure that you will be able to keep your home.
Answered on Mar 29th, 2012 at 12:37 PM
The trustee can liquidate assets of yours if they are not exempt for the benefit of your creditors. So yes, they can attempt to sell your interest in any real property you have if that property is not exempt.
Answered on Mar 29th, 2012 at 12:32 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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The Trustee cannot make you sell the house. He doesn't have to. He will have your ownership interest in the house when you file. He can sell the house to get at your interest even if that means the selling of the other's ownership interest. You are out of the picture except to pay you your exemption.
Answered on Mar 29th, 2012 at 12:17 PM