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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I own some investment property in joint tenacny with a partner.

Resolved Question:

I own some investment property in joint tenacny with a partner. The deal is that it can only be sold if we both agree. He refuse to sell because the market is down. Both names are XXXXX XXXXX deed.

How would this property be treated in a bankruptcy?

Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

Is there are mortgage on the property?

cfortunato :

Is so, is the balance on the mortgage more than the current market value of the property?


Probably about equal right now. The property cost $500,000..worth $300, is $280,000

cfortunato :

After deducting the cost to sell the property (5% = $15,000 cost to sell), and after deducting the Bankruptcy trustee's fee (10% = $30,000), that property cannot be sold for a profit.

cfortunato :

Therefore, the property would be "abandoned" by the Bankruptcy trustee.

cfortunato :

This means you would be allowed to keep it.

cfortunato :

I think this is what you wanted to know. If not, please let me know.
Thank you.

cfortunato and other Bankruptcy Law Specialists are ready to help you

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