Legal Question in Bankruptcy in New Mexico

Co-signed property

I now live in Florida. I had bought a household with a lady friend in 1986 and we dissolved our personal relationship in 1991, but the mortage is still in both names. I have not lived on the property for 12 years now. I am thinking of filing for chapter 7 and am courious how that would effect my filing, and her status for maintaining the property without difficulties that could be caused by my filing the chapter 7.


Asked on 7/23/03, 10:22 am

1 Answer from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Co-signed property

If you still have an ownership interest in the property (not merely the mortgage obligation) the trustee in bankruptcy would acquire it. The trustee could either make a deal with your former friend or force a sale.

If you have no ownership interest, and haven't had same for at least one year prior to filing, then there should be no impact.

The foregoing is based upon your statement in the question and implies no attorney-client relationship.

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Answered on 7/23/03, 2:45 pm


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