can the trustee take this real estate

[kgreen500]

I am considering filing for a chapter 7. I own two lots of land free and clear in Utah and hold title with both of my parents. The combined value is somewhere around 80k. I also own another lot in Utah with a friend and his wife which has a private mortgage attached to it of 24k and valued at about 40k.

Considering I am one of three on both properties does the trustee have the right to take these properties and sell them to pay off creditors???

[HHM]

Since your share in those properties is presumably non-exempt, the trustee can insist that he be paid the value of your interest in those parcels. If the trustee is not paid, your case will likely be dismissed.

[kgreen500]

how is the interest in the property determined by the trustee?? This was an investment that my parents made for me and just put me on title. They put all the money up and I can show proof of that.

regarding the other situation there is not much equity on the property so not really worth going after my interest alone.

would this case probably still be dismissed

[HHM]

If you are the only one on the title, you are screwed.

[epiphany]

Sadly, it doesn't matter how you aquired what you aquired or who paid for it. If it's in your name, it's your asset and subject to the same scrutiny of anything you may have paid for all by yourself. The trustee can go after whatever legal interest you have in the properties, which you should have documentation of. If you don't, you need to aquire it.

Don't know how messy your situation is but you should look into what you can exempt and what you can't should you decide to file BK . Start by doing searches on this forum for all the questions that you have and figure it out from there.

Good Luck,
ep

ep

[lrprn]

You are in a complex situation with both land assets. Suggest that you meet with several bankruptcy attorneys and a real estate attorney to see where you stand.

Given the information you've shared here, I agree with HHM - if you file Ch 7 bankruptcy, the trustee is going to take every bit of equity you have in your share of both properties that you can't protect with your state's exemptions. Have you considered filing Ch 13?

[kgreen500]

I guess I have some attorney's to visit - thank you for your info