IMy daughter may file FLA Chapter 7 Bankruptcy (little income). However, I had put her name on real estate with me in Michigan. Can I save the house?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

IMy daughter may file FLA Chapter 7 Bankruptcy (little income). However, I had put her name on real estate with me in Michigan. Can I save the house?

I put my daughter’s name on the home in Michigan, along with mine as a joint tenant, to avoid probate. She has never put anything like money or labor into it. Thanks so much!

Asked on June 16, 2009 under Bankruptcy Law, Florida

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

I am a lawyer in CT and practice in this area.  There are certan state exemptions (homestead) which generally say that if you have less than 75K of equity in real estate, then the creditors that you seek to discharge in BK cannot touch the property.  I presume that your property does not have 75K of equity and can be protected.  If this is the case, the house is not at risk and your daughter can file BK without exposing the house.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption