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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2901
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I own a house with my sister and I dont live there. I prob

Customer Question

I own a house with my sister and I don't live there. I probably will have to file bankruptcy soon. What happens to the house she is living in?

I am assuming everything we discuss is confidential.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Since you have 1/2 interest in that home, look to see how much equity in that home. IF you do not have a mortgage on it, then the court could liquidate your share (or cause your sister to refinance to pay that amount to the court)
The other option is chapter 13 bankruptcy to pay back enough of your debt to protect that equity.

IF there is no equity, then the court won't even worry about it, and your sister can continue to make the mortgage payments.