Joint Property, Partner wants Bankruptcy w/ a Twist?

Question

Two years ago, me and two others bought a house but left me off the title and loan due to my credit issues.

Now one of the owners need to file bankruptcy. We are prepared to refi one of our loans to pay his portion out.

My concern, is that his portion will be be a third of the equity in the home, however when he goes to court I'm concerned that the bank/creditors will ask why his share was not equitable and demand more money.

He does not want a Homestead exemption, just to cut his losses and move on.

Will the bank question this or is it worrying about nothing?

I have receipts showing my payments on the mortgage even though I'm not on it.

Does anyone know how much a lawyer costs?

Thanks

Answer 1

A lawyer will cost less than what you're about to lose. In court, they're going to want his HALF, since there are only two names on title.

Answer 2

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RE Joint Property, Partner wants Bankruptcy w/ a Twist?

Two years ago, me and two others bought a house but left me off the title and loan due to my credit issues.

Now one of the owners need to file bankruptcy. We are prepared to refi one of our loans to pay his portion out.

My concern, is that his portion will be be a third of the equity in the home, however when he goes to court I'm concerned that the bank/creditors will ask why his share was not equitable and demand more money.

He does not want a Homestead exemption, just to cut his losses and move on.

Will the bank question this or is it worrying about nothing?

I have receipts showing my payments on the mortgage even though I'm not on it.

Does anyone know how much a lawyer costs?

Thanks