How does an individual bankruptcy filing affect jointly owned real estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How does an individual bankruptcy filing affect jointly owned real estate?
The property is currently recorded with 2 deeds; 1 deed listing myself as owner of 1/2 of the property and the other deed lists my 3 cousins (one deceased) and the remaining 2 survivors as the owners of the other half of the property (50 acre timber and farmland). How does their filing for bankruptcy affect the title and ownership of the property?
Asked on January 14, 2011 under Bankruptcy Law, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Generally speaking, a bankruptcy by one of the co owners of property brings their share of the property in to the bankruptcy and lists it in the bankrupt estate. Now, your question raises a lot of questions here. Why are there two deeds that were recorded for the property? Do the deeds really state that only half of the property is owned by the other three? I would take the documents to a real estate attorney - ad not the one you used to transfer the property in to two deeds - to review on your behalf. You need to protect your asset here and you may want to consider bringing a partition action to separate the ownership from your cousins. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.