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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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If someone owns a home with someone else who is not their spouse

Resolved Question:

If someone owns a home with someone else who is not their spouse and the equity in the home is above the excemption amount, and one party is filing chapter 7 BK what happens to the home?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

If deemed worthwhile (if there is enough equity involved after taking into account the cost to sell), the Bankruptcy trustee will 1) sell the home and give 1/2 of the equity to the non-debtor co-owner, or the trustee will 2) allow the non-debtor co-owner to buy out the debtor's share by paying the money to the trustee.

If the trustee determines there is not enough equity involved to warrant a sale, he/she will "abandon" the property - thereby returning it to the debtor.

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