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My siblings and I have received the deed to a cottage from…

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My siblings and I have...
My siblings and I have received the deed to a cottage from our parents. All four of our names are XXXXX XXXXX deed. One sister is experiencing financial troubles and may go bankrupt. Can the bank come after the cottage if she does declare bankrupcy? What should we do to protect ourselves?
Submitted: 8 years ago.Category: Legal
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Answered in 1 minute by:
6/16/2010
Lawyer: Ely, Counselor at Law replied 8 years ago
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,583
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Hello,



My name is XXXXX XXXXX I am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.



Please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



If her name is XXXXX XXXXX cottage then yes, it's liable for her financial troubles. But the most they can do is put a lien on her part of the title. That would nonetheless render it unsellable. Best option is to have her "sell you" her part of the interest and therefore not being connected to the cottage.

Best of luck in your matter. I'm here if you need any more clarification or follow up information.



I hope you found my answer helpful, and if so please click on the ACCEPT button. This is the only way for me to get credit for my work - when you put in your payment information, I receive no credit for my time with you unless you press ACCEPT.



There is no fee for follow up questions should you wish to continue in this thread.



Remember, sometimes the law under which your situation falls does not give you the outcome or the choices you wanted - please understand that this is not the attorney's fault, but the way of circumstance.



There might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



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You can always request me for a future legal consultation through my profile at http://www.justanswer.com/profile.aspx?PF=7286322&FID=7 If you do this, make sure to begin the question with “This Question is for Eli…”






















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