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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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I am thinking of declaring bankruptcy. I have a co-owned condominium.

Customer Question

I am thinking of declaring bankruptcy. I have a co-owned condominium. Will I be forced to sell that propert or foreclose it if I declare bankruptcy? Thx
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. So long as the condominium is your residence, you can claim the condo (your share) under what is known as the homestead exemption. As a resut, you will not lose it and you do not have to sell it.

Best regards XXXXX XXXXX am glad  to help.  Please be so kind as to click the GREEN accept button as I do not get paid for my assistance unless you accept.   A bonus and and positive feedback are also appreciated.  An ACCEPT also assures that I can assist you again.  I wish you the best in the future.  Thanks.
Customer: replied 5 years ago.
That condo is use as an investment
Expert:  dylatess replied 5 years ago.
then that is a problem because if your equity in the property in excess of $7500, the BK trustee will claim the property and sell your interest to pay your creditors.


Best regards XXXXX XXXXX am glad  to help.  Please be so kind as to click the GREEN accept button as I do not get paid for my assistance unless you accept.   A bonus and and positive feedback are also appreciated.  An ACCEPT also assures that I can assist you again.  I wish you the best in the future.  Thanks.
dylatess and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Ok thx
Customer: replied 5 years ago.
I am about to have a judgement against me by a creditor from the court. From what I was told they will eventually garnish my wages and my bank account then seize my property. That condo is owned b/t me and my parents (I co-owned the line of credit and I think maybe the mortgage as well). I don't care if the creditor garnish my wages and such but I don't want them to seize or but a lien on the property cuz then I can't sell it. What if they seize the property, will I be force to foreclose that condo? is there anyway I can stop them from seizing my condo or put a lien on it? I was thinking of declaring bankruptcy but you told me the bk of trustee will force me sell the condo to pay the debt so I guess it doesn't matter. Is there anything else I can do? Please helpppp
Expert:  dylatess replied 5 years ago.

Thanks.

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