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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Bankruptcy question for state of Maryland - Can I file Chapter

Resolved Question:

Bankruptcy question for state of Maryland - Can I file Chapter 7 if I my name is XXXXX XXXXX 5 on a quit claim deed on a residence? If I filed Chapter 13 and have lost my job, can I convert to Chapter 7? Can the residence be sold due to my inability to pay on the Chapter 13?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

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?

Customer: replied 3 years ago.

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.

Expert:  cfortunato replied 3 years ago.

How much can the property be sold for?

Customer: replied 3 years ago.
It was appraised at $200,000 a year ago.
Expert:  cfortunato replied 3 years ago.

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.

Thank you!

Customer: replied 3 years ago.

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?

Expert:  cfortunato replied 3 years ago.
Have you already filed a Chapter 13?
Customer: replied 3 years ago.
Yes - been paying on it for a year or so
Expert:  cfortunato replied 3 years ago.
You can convert to a Chapter 7, but - unfortunately - the Bankruptcy trustee will be able to sell the house to get at your share ($40,000) minus your real property exemption ($6,000), minus what you have already paid towards the Chapter 13. He can force the sale even though the reason that you want to convert is that you are getting another job with a lower salary.
Customer: replied 3 years ago.

So what you are saying the trustee can sell the house even if the other names listed on the deed decline to sell.

Expert:  cfortunato replied 3 years ago.
Yes - because he can file a "partition" action in civil court, which will allow him to sell the house without the approval of the other owners, or allow the other owners to buy out your share. If the house is sold, each of the other owners would receive 1/5 of the proceeds.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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