Legal Question in Bankruptcy in New Jersey

Bankruptcy where a house is involved

If there are 3 names on a deed to a house and only 2 people (husband & wife) are filing for bankruptcy, is the house used for equity? Or is the house exempted? Only the husband & wife are on the mortgage but they would retain paying the mortgage.


Asked on 5/02/07, 9:42 pm

3 Answers from Attorneys

Robert Davies The Davies Law Firm, P.A.

Re: Bankruptcy where a house is involved

I have read what the other lawyer said, and he is completely correct: if you are the person who wants to file bankruptcy, PLEASE hire a bankruptcy attorney. Yes, it is expensive, but you really must do it to be sure you do not lose the house. You would be very foolish to try to do-it-yourself.

However, I suspect that you are the other person on the deed, not the ones who are bankrupt. You need good legal advice, fast. And no, I can not explain it all on this website: I need much more info, and it is just too complicated. I do not want to scare you too much, but it might be possible that the house could be taken and sold, and you might just end up with some money (I have no way to know now how much or how little) after the house is sold.

If you would like me to assist, please call my office. I am in Hackensack. A half hour consultation will be $75.00. You can then decide how you would like to proceed.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Read more
Answered on 5/03/07, 10:55 am
Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

Re: Bankruptcy where a house is involved

Just want to echo what the other attorney said. You should at least consult with an attorney. I can refer you to one here in New Brunswick. I know your up north, so you may want one up there.

Read more
Answered on 5/03/07, 11:43 am
Stephen Starr Starr & Starr, PLLC

Re: Bankruptcy where a house is involved

If you own a house and are contemplating bankruptcy you should hire a lawyer. Bankruptcy is not a good subject for a do it yourself project. You are likely to do it wrong and risk your house if you try to do it yourself.

Feel free to check our website for a general discussion of different bankruptcy topics at www.starrandstarr.com/faqs.htm.

Best regards,

Read more
Answered on 5/02/07, 9:51 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in New Jersey