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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
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Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Based on my previous question about a bankruptcy. I own a

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Need California lawyer answer:   Based on my previous question about a bankruptcy.   I own a home with 2 brothers, It worth only about $75,000 if we homestead it (they live in it not me) will it be protected if I file bankruptcy by the homestead?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

No. The bankruptcy trustee can attempt to force the sale of a property that is jointly owned, despite the existence of a homestead by the nondebtor owners. The trustee must sue the nondebtor owners to prove that the debtor's unsecured creditors' right to be paid outweighs the prejudice to the nondebtor owners'.

 

Regardless of whether the trustee does so, the trustee will assume ownership of your interest in the property, obtain a judgment lien on your interest in the property, and then when/if the property is ever sold in the future, the trustee will get your portion of the sales proceeds.

 

Note: while I'm at it, permit me to straighten out those other questions you asked and wasted your money on. Under California law, unless the lender gives you an unconditional release from the deficiency balance after a short sale, the lender can sue for that balance, obtain a judgment and then attempt to collect against your other assets. If you file for bankruptcy, that will eliminate your deficiency.

 

In the future, consider requiring a response only from a California lawyer.

 

Hope this helps.

 

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Edited by socrateaser on 5/2/2010 at 3:36 AM EST
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