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My cousin whos primary residence is in NJ, is being pursued

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My cousin who's primary residence...
My cousin who's primary residence is in NJ, is being pursued by creditors. Some are threatening to sue and garnishee her wages. She may be all out of options to pay. She is also partners in a house in NYC with my mom. If she declares bamkruptcy can they attach a lien to the NYC propoerty? If they do, how do you sell the property when the time comes. Can the lien be settled at the closing?
Submitted: 8 years ago.Category: Bankruptcy Law
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9/8/2009
Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
Roger
Roger, Attorney
Category: Bankruptcy Law
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Her interst in the house could be attached and sold by the bankruptcy court trustee. However, before a part interest is sold on the open market, the trustee should give the co-owner (your mom) an opportunity to buy out her part of the property.

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Customer reply replied 8 years ago
Do i understand correctly that no matter how small the claim is ( say $20,000) that the bankruptcy court trustee can sell off her portion of the house which is worth about $300,000? And there is no other way to satisfy a lien besides that, such as pay it off at the closing if the house is sold.
Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
The trustee can liquidate any ownership interest the bankrupt individual has in order to generate money to pay creditors. That's not to say that the trustee will take everything, but he/she has the right to.

The lien can be satisfied without the trustee taking the property. Your mother could pay off the debt up front in exchange for the interest in the house, etc.
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Customer reply replied 8 years ago

 

I'm sorry to be so uninformed when it comes to legalities.

One final clarifiation, can this satifaction of the lien be put off until the house is finally sold or can the trustee excercise the power to sell off my cousins portion at any time?

Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
Once the bankruptcy is filed, the trustee can proceed as quickly as he/she wants. However, if your mom is interested in selling the property anyway, it would be extremely unlikely that the trustee would interfere with her attempt to sell.

The trustee would simply require that her portion of any proceeds be turned over to the bankruptcy court.
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Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
The trustee would require that the bankrupt partner's portion of the proceeds be turned over to the court.
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Customer reply replied 8 years ago

 

So no matter what my cousin owes, the trustee would get her entire share of the proceeds from the house? If she owed 20,000 and her share of the house is worth 300,000 the trustee would get the entire 300,000?

The botXXXXX XXXXXne is would it be harmful to my mom if my cousin fiels for bankruptcy.

Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
The trustee would get the bankrupt's share of the proceeds from the house - but your mom's money/interest would not be effected.
Roger
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Customer reply replied 8 years ago
Thank you for your time.
Bankruptcy Lawyer: Roger, Attorney replied 8 years ago
No problem and good luck!
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