QUESTION
What happens to a joint four-people owned rental property if one of them files for bankruptcy?
Asked on Sep 29th, 2017 on Bankruptcy - Wisconsin
3 ANSWERS
Meet with an attorney where the real estate is located.
Answered on Oct 10th, 2017 at 5:09 PM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
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Much depends on numerous facts peculiar to the people, the context, the federal district and the chapter of the bankruptcy code which the debtor has chosen. Your question demands many more facts than you have provided. Sorry. Consult an experienced BR lawyer in your federal district.
Answered on Oct 06th, 2017 at 7:31 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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It depends upon whether the 1/4 ownership of the bankrupt is exempt property. If it's exempt then there are no changes. If it's not exempt, the trustee will force the sale of the property then take the bankrupt's 1/4 of the proceeds and pay the trustee's fee. If there's anything left over after the trustee?s fee are paid, the trustee will pay herself more fees.
Answered on Oct 06th, 2017 at 7:31 AM