Legal Question in Bankruptcy in Ohio
How would brother's potential bankruptcy affect my inheritance?
My mother has deeded the family farm to myself, my sister and my brother equally. Mom will live there until her passing. If my brother was to seek bankruptcy, could that affect my and my sister's inheritance? How? Also, could it affect Mom's remaining there?
1 Answer from Attorneys
Re: How would brother's potential bankruptcy affect my inheritance?
IF YOUR BROTHER NOW OWNS ONE-THIRD OF A PARCEL of Land that is free and clear, I doubt he will qualify to file bankruptcy because he can't own such an asset and leaves his creditors unpaid. If he does file and the bankruptcy trustee finds out about the land, the trustee will force him to sell his share of the land to help pay off his creditors. So his filing bankruptcy won't effect your ownership share but it will be a hassle to you because the Trustee will sell his interest in the land to the highest bidder. As I said before, I doubt your brother will even qualify to file bankruptcy. You can't keep a tangible asset and allow creditors to go unpaid. I think he ought to find a better way and pay his debts.
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