Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
How much equity does the property have? (Equity is the current market value of the property, minus the balance - if any - on the mortgage.)
Is the property your residence?
The home does not have a mortgage and has 5 names on the quit claim deed. The residence is listed in my mother's name, with each of the 4 siblings (including myself) listed.
How much can the property be sold for?
You can file a Bankruptcy if your name is XXXXX XXXXX 5 on a quitclaim deed. However, as your share of the house is more than the exemption for real estate ($6,000), the Bankruptcy trustee can either force the sale of the house (and pay the other owners their share), or allow the other owners to pay your share to the Bankruptcy court.
Yes, if you file a Chapter 13, and then lose your job, you can convert to a Chapter 7.
I think this is what you wanted to know. If not, please let me know.
Does the trustee have the right to force the sale if you want to convert to Chapter 7 due to getting another job with a lower salary than what was established for the Chapter 13?
So what you are saying the trustee can sell the house even if the other names listed on the deed decline to sell.