Legal Question in Bankruptcy in Georgia

Two family members have joint ownership (50/50) of a small home here in Georgia. One party is filing bankruptcy in Maryland. The house is a family home and neither wants to lose the home in the event of bankruptcy. Are there any options that would enable them to avoid risk of losing the house (i.e. deeding full ownership to the other owner of the home). I posted previously and a response prompted me to include a few more details. The property is fully paid off prior to the original owner's passing (10 years ago) and each of the parties pays half the property taxes each year (less than $500 a year). There is a tenant in the home that currently pays less than ($700) a month and this is used to pay the property taxes, upkeep, as well as property management fees and yields a small profit which is split equally. The house has been appraised to be worth at the highest $60,000 (the home is located in a very rural area in which homes are not in high demand).


Asked on 5/29/14, 10:23 pm

2 Answers from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

You question reinforces the need for you to see a lawyer. No lawyer can answrer you even with these numbers as a minimal bankruptcy consultation requires far more than the numbers you gave - income, expenses, OTHER assets and OTHER debt all affect the answer. To do a short bankruptcy consultation, I need a 27 page questionaire to answer the type question you asked. With a $60,000 home at stake, why has no one seen a lawyer (and you keep posting to Georgia lawyers, although Maryland law will dictate the result and Maryland lawyers do not even see questoons posted from Georgia on this site)? The answer will require a means test analysis, analysis of the appraisal and all the other things I mentioned, from a Maryland lawyer. The house may or may not be safe.

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Answered on 5/29/14, 10:38 pm
Scott Riddle Law Office of Scott B. Riddle, LLC

The best chance to keep it is to see a good lawyer before doing anything. The best way to lose it is to start transferring it or file for Bankruptcy without good legal advice (and that does not include a general Q&A forum like this).

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Answered on 5/30/14, 4:34 am


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