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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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How would a home, with equity above the exemption limit, owned

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How would a home, with equity above the exemption limit, owned by a debtor filing chapter 7 BK and the home is titled in the her name as well as her siblings names who are not filing?

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

Do all siblings own the house equally?

Customer:

Yes

cfortunato :

Thank you for your response.

cfortunato :

Since the Bankruptcy estate would be entitled to the filer's share, the trustee can sell the property. He or she would keep the debtor's share of the equity, and distribute the balance to the other siblings.

cfortunato :

The other siblings will be allowed to pay the debtor's equity to the trustee if they want to keep the house.

Customer:

Could the other siblings purchase the debtors share from the trustee in order to keep the home?

Customer:

Thank you I see you already answered my question!

cfortunato :

You're welcome!

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