Real Estate Ownership and Chapter 7

[dadkrs]

My sister is beginning the process for Chapter 7 and wanted to know if the Trustee/Court does a search of property ownership. Property is out of her filing state. Reason is she is on the deed to a piece of property with ex( worth 11K), but not on mortgage.

[JRScott]

Yes it is likely if she files they will discover it. I believe since she's on the deed she has to list it in real property too.

[HHM]

She still has to list it.

The debtor must list all assets, no matter where the assets situated. (even if overseas).

[dadkrs]

Thanks

[dadkrs]

Nonexempt Real Estate

Has anyone had any experience in how the court handles how to determine your interest in a nonexempt property(small vacant lot) you own with someone. I gave someone 2500.00 to use towards the purchase and they put me on the deed.

Thanks

[HHM]

They will look to the deed. The Deed will usually specify the nature of ownership. Joint Tenancy, Tenancy by the Entirety, etc.

[dadkrs]

So I am in deep trouble then, so since I lent money I will be held accountable for 50% of the value, there goes Chapter 7

[JRScott]

Not necessarily, it might mean you have to surrender your interest in the property. Which will probably bring the partner into the equation.

This is really something you need to take to a lawyer and ask about I think though.