Legal Question in Bankruptcy in Maine

Real estate equity - joint tenancy

The bankruptcy court will appoint an appraiserwho should appraise both the value of thereal estate and the value of each joint tenant'sinterest therein. In all likelihood, if thereis substantial value in excess of your equityplus the interests of any mortgage holder(s),the property could be sold under a partitionorder from a civil court. You would then beentitled to a portion of the sale proceeds.

Also, you would have the opportunity to buythe entire parcel at the partition sale,probably at a premium price.

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