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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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I individually have accumulated 1.7 million in investment property

Resolved Question:

I individually have accumulated 1.7 million in investment property debt that I can not pay. I am considering bankruptcy. I have an interest in my primary home located in NY with my wife. How will the home be impacted since she is not part of the 1.7 million dollar debt
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
Hello,

Thank you for your question.

When a married couple purchases real property in NY, they take title by tenancy by the entireties unless the deed specifies otherwise. You will want to check your deed to see how your title is held. If it is entireties property, a creditor of one spouse can obtain a lien on that spouse's interest but will only be able to enforce the lien if the debtor spouse is the surviving spouse.

I hope that this helps.

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