Legal Question in Bankruptcy in Pennsylvania
Own property with my brother who filed bankruptcy. Trustee said she's going to sell the property if I don't purchase it myself. I'm not in a financial position to purchase, but I don't want to lose the property either since it's been in our family since inception (over 50-years).
Why or How can Trustee force me to sell my 50% interest because my brother filed bankrupcty? I have not filed bankruptcy and there are no liens on the property.
1 Answer from Attorneys
The trustee can do that because your brother owns half of the property, your brother is filing bankruptcy andf there is more equity than your brother is allowed to have in your brother's share of the property and he does not have other resources to save the property.
If I were you, I would get a home equity loan (if the property is owned free and clear) on the property and buy out your brother. The money will be given to the trustee and after your brother's exemption will be used to satisfy the claims of his creditors.
Otherwise, your brother will have to either dismiss his bankruptcy or convert his bankruptcy to a chapter 13 if he wants to keep the property.
Your brother and his banrkruptcy attorney should have thought about this way before the bankruptcy was filed.
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