Legal Question in Bankruptcy in New Jersey

2 houses with different co-owners

My father bought a house (fully paid for) and included my name on the title for tax purposes(he does not work and i was at the time) and I own another house with my brother and his wife as co-owners. My father and I have a home equity line of credit that he pays every month, the house that my brother and I bought is current with the mortgage payments(that he pays by himself since I do not have a job at the moment), If I apply for chapter 7, would they liquidate both houses even though they're current with the payments, would my father lose his house? Can my brother assume all responsibilities?


Asked on 1/12/01, 12:00 pm

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: 2 houses with different co-owners

You have a very complicated situation. Whether the houses would be liquidated or not is only part of the question. It certainly is possible that the houses would be ordered sold if your interest (free of mortgages or other liens) exceeds the amount of your unsecured debt. A careful analysis needs to be completed. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since you have not retained an attorney in this case, before you take any further action, you should contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. However, you need to call me at 856-546-8010. If you mention LawGuru, there will be no charge for your first consultation. Good luck! Rob Gleaner

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Answered on 1/29/01, 9:24 am


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