Legal Question in Bankruptcy in California
How does Bankruptcy affect other title holders on a home?
My brother is on the title of my home with my wife and I and now he is contemplating Bankruptcy, how does this affect us? There is no equity in the home, but all payments are current and have been made by my wife and I?
1 Answer from Attorneys
Re: How does Bankruptcy affect other title holders on a home?
You will need to contact a qualified bankruptcy to fully review this situation, including they type of bankruptcy that you brother intends to file.
In a Chapter 7 bankruptcy, the trustee will only be interested in selling your brother's interest in the property in the trustee can get money for the creditors. If your brother is contributing toward the expenses and not living in the property, the trustee might object because money your brother contributes could go to his creditors.
You haven't supplied enough facts to determine how your brother's anticipated bankruptcy might impact. I would contact a local bankruptcy attorney right away for further assistance.
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