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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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The are two property owners in a house in California. They

Resolved Question:

The are two property owners in a house in California. They are not married. If one files for Chapter 7 bankruptcy and the other does not, what happens to the rights of the person who does not file bankruptcy?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
1) What is the current market value of the home?
2) What is the balance on the mortgage?
3) Have you and the co-owner contributed approximately equally to the house (down-payment, mortgage payments, etc.)?
Customer: replied 5 years ago.
1. Current market value is in the range of 375K - 400K
2. Balance on the mortgage is 580K
3. Both of us have contributed equally.

Expert:  cfortunato replied 5 years ago.

Because your home has no equity, filing a Bankruptcy would not in any way affect your home, and would not affect the rights of the other homeowner.

 

I think this is what you wanted to know. If not, please let me know.
Thank you.

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