Legal Question in Bankruptcy in New York

Bankruptcy: Joint tenants

I own a home with my father. He recently declared bankruptcy unexpected to me. In fact the first I heard he did this was from his trustee about a week ago. For a year and a half I have been trying to buy him out but he refused all my offers since he was desparate for cash.

I now own the home with his bankruptcy trustee and hope to buy out his share.

I do not believe the split is 50/50 as he voluntary left the home about a year and a half ago and has not paid his share since. In addition he did absolutely no maintance, improvements and repairs in the 7 years we have owned the home. Also he left his 2 bedroom apt in the home in a despicable condition that took 5000.00 to make habitable.

What can I expect from the trustee as I try to buy him out. Does the trustee negotiate in order to avoid a court action?

Would the house be sold in open market if he does not accept my offer?

Am I required by some law to pay in terms of the market value?


Asked on 2/05/02, 10:09 am

1 Answer from Attorneys
Sachs Gary Sachs & Kamhi,p.c.

Re: Bankruptcy: Joint tenants

Your questions are complicated.For you to understand your rights and the rights of the trustee, call my office to set up a conference where every thing can be explained to you. Ask for Gary 516 742 9192

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Answered on 2/05/02, 12:33 pm


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