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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Can a debtor keep two homes/properties in a Chapter 7 bankruptcy

Customer Question

Can a debtor keep two homes/properties in a Chapter 7 bankruptcy if one is their primary residence and the other is rented by family members who pay the mortgage?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  dylatess replied 1 year ago.
Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

it is not a question of whether you can keep the properties, residence or not, but whether you have equity in the properties. Note, as for your residence, you can protect $75000 equity and as long as you remain current, there is no problem. As for the second property, if there is NO equity, you can keep that property as well so long as you remain current. But if there is equity, the court will sell the second property and use the equity to pay your creditors regardless of who is living in the property. And it also does not matter who makes the payments.
Customer: replied 1 year ago.


So if the person is upside down in both properties there is no danger of losing either due to the bankruptcy?

Customer: replied 1 year ago.


So if the person is upside down on both properties there is no danger of losing either property due to the bankruptcy?

Expert:  dylatess replied 1 year ago.
The court is only concerned if there is equity. If there is no equity, the court does not care if you are paying 10 mortgages. Likewise, as long as the properties are current, the mortgage holders MUST continue to accept your payments.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4703
Experience: 36 plus years of experience specializing in bankruptcy law
dylatess and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.


What if the debtor is upside down on the properties and is trying to get modifications? Can he say that he intends to keep the properties but is attempting to get modifications?

Expert:  cfortunato replied 1 year ago.
Hi JACustomer,
The Bankruptcy court will not take any property that is upside down - whether or not the property owner is trying to get modifications for the properties.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

What if someone has land that is co-owned with others in a US Territory? Can that land be sold even though there are others who co-own it and are living on the land?

Expert:  cfortunato replied 1 year ago.
Thank you for the positive rating.
1) What is the current market value of that property that is co-owned?
2) What is that balance on any mortgage(s) for that property?
3) How many persons own that property?
Customer: replied 1 year ago.

The debtor does not have much information about the property, in fact he's not even sure he owns it. He said his ex-spouse bought it with her parents and the ex-parents are the ones who are living there now, but it shows up on his credit report. But the debtor believes that there are no mortgages for that property.

Expert:  cfortunato replied 1 year ago.
Of course, he should find out before filing whether or not he is on the deed. If he is, then the Bankruptcy trustee can force the sale of the property, or can allow the other co-owners to buy out his share.
Customer: replied 1 year ago.

If there are other people living on the property who are co-owners, can the trustee still force a sale or will he allow them to buy out the debtor's share?

Expert:  cfortunato replied 1 year ago.
The trustee would prefer it if the co-owners bought the debtor's share. That way the trustee would avoid the time and expense of selling the house on the market.
This would be so, whether or not the co-owners are living in the house - which is something the trustee will not be concerned about.

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