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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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My brothers and I inherited a farm from our parents. Now one

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My brothers and I inherited a farm from our parents. Now one brother is thinking about filing bankruptcy. Can they take the whole farm to settle his debts? How can we protect it?

cortrightlaw : The bankruptcy trustee would only be able to attach your brothers equity in the property. It will be important for it to be clearly jointly owned so hopefully you have a strong paper trail from the transfer from your parents to you both showing your interet in the property. A good bankruptcy attorney will be able to examin your documents and give you a solid answer and advice.
Customer:

We have a will that states that upon the surviving spouse's death the farm is to go to us 3 children. We also were gifted the property because our mother had to have assistance in assisted living

cortrightlaw : You should be fine then as long as your names are XXXXX XXXXX title. The trustee though could force the sale of the property and take your brothers portion to pay his creditors.
Customer:

would it be protected if the brother that is considering bankrupty lived on the property?

cortrightlaw : Yes that should be irrelevant.
cortrightlaw and other Bankruptcy Law Specialists are ready to help you