Legal Question in Credit and Debt Law in Michigan
Mu ex husband filed for Chapter 7 bankruptcy. We have property in Nicaragua and there is 4 owners. Could it be liquidated?
Asked on 4/01/10, 7:57 am
1 Answer from Attorneys
Audra Arndt
Audra A. Arndt & Associates, PLLC
Possibly if it is not exempt, and depending upon the value. However, since there are 3 other partners, it would likely be resolved by having the 3 partners pay your ex for his share (buy him out), and the bankruptcy court would use that money to pay creditors. Whether or not this happens depends on the totality of his specific situation, and the trustee assigned to his case. Does your ex have a lawyer assisting him with the bankruptcy? He should have asked these questions prior to filing bankruptcy. It will most likely depend on the value of the property, and the value of your husband's share in the property.
Answered on 4/06/10, 12:04 pm