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Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I own two condos. One is my primary residence but the other

Resolved Question:

I own two condos. One is my primary residence but the other one I rent to my son. Would the courts force me to sell the one he lives in if I were to file bankruptcy?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.


Is theri equity in both condos?


Who pays the mortgage for your sons condo?


Does your sons rent cover the mortgage?

Customer: replied 6 years ago.
There is a small amount of equity in both. I have an equity loan against the one my son lives in. I used that as a downpayment for the one I live in. I pay the mortgage and condo fees on both units. His rent covers about half the mortgage and none of the condo fees.
Expert:  WALLSTREETESQ replied 6 years ago.
If their is limited to no equity in your sons condo, and your son is paying part of the mortgage as rent the Court in most cases will allow you to keep the property, however you will have to be able to show the Trustee that you can afford the mortgage.

You may have to advise the Trustee that your son will pay more in rent, if your monthly expenses are too much
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