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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2862
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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when a son and daughter both share a quit claim deed, and the

Resolved Question:

when a son and daughter both share a quit claim deed, and the son claims bankrupsy, where does the sons share go to ?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
If the son files for chapter 7 bankruptcy, his 1/2 (i assume equal share) interest in real estate goes into the bankruptcy estate controlled by the trustee. The trustee will review the value of his share, after mortgage liens, possible homestread exemptions (if son lives there) and liqudation costs to see if there are funds left over to distribute to his creditors. If so, the property is liquidated (either sold and 1/2 paid to daughter for her interest, or daughter allowed to refinance and give son's share of equity to trustee for liquidation) to get to the cash to pay son's creditors. If there is no equity to go after, the son retains his interest and the case is discharged. If there is equity and Son wishes to protect it, then he should consider chapter 13, whereby he pays enough of his debts back over the next 5 years to protect any equity in his assets that he would otherwise lose if he files chapter 7.
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