The house is in two people's name. One of the two is the one filling bankruptcy. The person filling bankruptcy lives in Arizona. The house in question is in New Mexico and is the mother's primary house. The court is saying that the bankruptor must come up with a specific amount of money otherwise the house will be sold. Any input is appreciated. Thanks
2007-11-05 11:38:22 · 5 answers · asked by Sandra G 2 in Business & Finance ➔ Renting & Real Estate
What is the opinion of the BK Atty who is handling this for the person filing the BK?
2007-11-05 11:47:42 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You would have to know the laws of both states involved and I don't, but I am pretty sure that in my state, under a Chapter 13 bankruptcy where you work out a payment plan, you are allowed to keep your house, and in a Chapter 7, total liquidation, any real property is sold if needed to pay all of the debt, but when it is property owned jointly with another who is NOT a debtor and that person lives in the property, they cannot be forced out of it or have a sale forced on their portion of the property (how do you sell half a house). The most that can happen is a lien is placed against the property up to the percentage of ownership of the bankrupt party. The creditor can't go after someone else's property. That lien will stay with the property until it is sold and then the creditor will be paid.
2007-11-05 11:49:49 · answer #2 · answered by curtisports2 7 · 0⤊ 1⤋
Yes the house can be ordered sole if:
A) there is too much equity in the house so that any exemptions can't cover it (equity available to creditors is reduced by Mother's share in the house)
B) If mortgage is behind and it is a Chapter 7 and the debtor doesn't have enough money to redeem the house.
You need to talk to your attorney.
2007-11-06 17:57:04 · answer #3 · answered by Lesley 5 · 0⤊ 0⤋
How ought to you enable her to get so uncontrollably obese? i think of the courts could carry you partly responsible for this! perhaps she has some strange metabolism decease or something? i might think of she is a staggering candidate for gastric pass surgical operation. My advice is to get her to the Dr. and spot what is going on then to the courts if no longer something could be finished that way you are able to coach which you "tried" to place an attempt into getting her healthy and weighed all the techniques formerly dealing with with the divorce! Oh and make effective that if she gets incapacity for this which you get some to kinda like alimony!
2016-10-15 04:16:38 · answer #4 · answered by bolen 4 · 0⤊ 0⤋
Bankruptcy is normally covered by Federal law not state law. Talk to an attorney.
2007-11-05 13:09:27 · answer #5 · answered by Bibs 7 · 1⤊ 0⤋