How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Roger Your Own Question

Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26960
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Bankruptcy Law Question Here...
Roger is online now
A new question is answered every 9 seconds

My cousin whos primary residence is in NJ, is being pursued

Customer Question

My cousin who's primary residence is in NJ, is being pursued by creditors. Some are threatening to sue and garnishee her wages. She may be all out of options to pay. She is also partners in a house in NYC with my mom. If she declares bamkruptcy can they attach a lien to the NYC propoerty? If they do, how do you sell the property when the time comes. Can the lien be settled at the closing?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 5 years ago.
Her interst in the house could be attached and sold by the bankruptcy court trustee. However, before a part interest is sold on the open market, the trustee should give the co-owner (your mom) an opportunity to buy out her part of the property.

Customer: replied 5 years ago.
Do i understand correctly that no matter how small the claim is ( say $20,000) that the bankruptcy court trustee can sell off her portion of the house which is worth about $300,000? And there is no other way to satisfy a lien besides that, such as pay it off at the closing if the house is sold.
Expert:  Roger replied 5 years ago.
The trustee can liquidate any ownership interest the bankrupt individual has in order to generate money to pay creditors. That's not to say that the trustee will take everything, but he/she has the right to.

The lien can be satisfied without the trustee taking the property. Your mother could pay off the debt up front in exchange for the interest in the house, etc.
Customer: replied 5 years ago.

 

I'm sorry to be so uninformed when it comes to legalities.

One final clarifiation, can this satifaction of the lien be put off until the house is finally sold or can the trustee excercise the power to sell off my cousins portion at any time?

Expert:  Roger replied 5 years ago.
Once the bankruptcy is filed, the trustee can proceed as quickly as he/she wants. However, if your mom is interested in selling the property anyway, it would be extremely unlikely that the trustee would interfere with her attempt to sell.

The trustee would simply require that her portion of any proceeds be turned over to the bankruptcy court.
Expert:  Roger replied 5 years ago.
The trustee would require that the bankrupt partner's portion of the proceeds be turned over to the court.
Customer: replied 5 years ago.

 

So no matter what my cousin owes, the trustee would get her entire share of the proceeds from the house? If she owed 20,000 and her share of the house is worth 300,000 the trustee would get the entire 300,000?

The botXXXXX XXXXXne is would it be harmful to my mom if my cousin fiels for bankruptcy.

Expert:  Roger replied 5 years ago.
The trustee would get the bankrupt's share of the proceeds from the house - but your mom's money/interest would not be effected.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26960
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Thank you for your time.
Expert:  Roger replied 5 years ago.
No problem and good luck!

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions

Chat Now With A Bankruptcy Lawyer
Roger
Roger
Bankruptcy Lawyer
26960 Satisfied Customers
BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters