My husband and I are planning on filing for bankruptcy by the end of this year. We have very few assets...the only one of concern would be some land that my brother left me several years ago. Actually, my other brother and I are joint owners of the land, but my name is not on the land, only his. It states something like this... "John Smith, et al". If I lose this land due to a bankruptcy, my mother will probably disown me as she is still devastated by the loss of my brother. What I'm wondering is...since my name doesn't appear on the property deed, could I just say I don't own any land? Is there any way the lawyers can find that I am a joint owner of this land? Thanks in advance for any help.
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You are on the deed. That 'et al' statement includes you. It is possible that your mother may be a part owner as well, depending on if the deceased brother left a will.
If not then very likely you are joint owner with your brother, but both of you have what is called "an undivided half-interest." If the trustee was to go after your share, that land would have to be surveyed and a new title and legal description created dividing the land into two separate parcels so that the trustee could go after yours.
Surveys and dividing parcels as described above, are VERY expensive and time consuming. I doubt the trustee would be interested in spending that kind of money in order to get an asset that he in turn might not be able to sell in this economy.
How much land is there, and are similar parcels in the area selling? Also what is the land being used for?"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
The land consists of 3 acres of lakefront property in a very secluded area. It is about 20 miles out of town and very unpopulated. No one around here really wants to live that far out. The land isn't being used for anything. It's heavily wooded.
No, my mother is not an owner of the land. Only my brother and I.Comment
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Who is paying the taxes? Are you sharing them, or is your brother paying them all? If you are sharing them, you will need to list them on your forms."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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My brother pays the taxes on the land. I pay the property owners yearly dues.Comment
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