Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
It is possible, but difficult, to file a Bankruptcy while in jail. Unless the prisoner has significant assets of value - such as a house, or bank accounts - there is nothing the creditors can do while the debtor is in jail.
Accordingly, it is often better to wait until out of jail before filing a Bankruptcy.
I think this is what you wanted to know. If not, please let me know.Thank you!
1) What is the market value of the home, and 2) what is the balance - if any - of the mortgage?
3) Did he live in that house?
Unfortunately, his creditors can force the sale of the house to get his 1/3 share. Since he already owes the money, transferring the deed out of his name will not help, as such a transfer can be viewed as a "fraudulent transfer" and can be reversed.
Lastly, since the house was not used as his residence, there would be no homestead exemption available if he filed a Bankruptcy.
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