QUESTION
Will this in jeopardize my bankruptcy if the second property owned with 2 others was sold?
Asked on Jul 25th, 2014 on Bankruptcy - California
6 ANSWERS
Give me a break! I would need to have more information to answer a question like this. When was the property sold? Last week, last month, last year, or not sold at this time? Who was it sold to? Like a friend, relative, or business associate of one of the owners? Was it sold for fair market value or virtually given away? The devil is always in the details...so you need to be discussing this with an attorney who is representing you.
Answered on Jul 30th, 2014 at 6:42 PM
During a bankruptcy, you can not sell any property without first obtaining an order approving the sale.You are required to disclose any sale or transfer of property occurring two years prior to the bankruptcy filing.
Answered on Jul 29th, 2014 at 9:25 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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When you own property with 2 others, that's called tenants in common and each own 1/3rd of the property. If your name isn't on the mortgage, then your 1/3rd is free and clear. The only problem would be if you failed to disclose your ownership of this property on your bankruptcy schedules or you valued the property at significantly less than the actual selling price. In either of these cases, you need to amend your schedules to show the property.
Answered on Jul 28th, 2014 at 8:10 PM
Domestic Law Attorney serving Vista, CA
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Ralph L. Williams
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If you are presently in a bankruptcy case, hopefully you listed your interest in the property on Schedule A and possibly claimed as exempt on Schedule C. You must also obtain the Bankruptcy Court and Trustee's approval of the sale before it can be completed.
Answered on Jul 28th, 2014 at 8:10 PM
2 Awards
As long as you are paying the mortgage timely it should not have a bearing. If you are in a 13, you should be timely on your proposed plan payments.
Answered on Jul 28th, 2014 at 10:50 AM
Probate Attorney serving Friendswood, TX
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Law Office of Melissa A. Botting
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The income from the property will need to be turned over to the trustee to be applied to the debts. If this is a chapter 13, you will need to see if it is still advantageous to be in the bankruptcy.
Answered on Jul 28th, 2014 at 10:48 AM