Can creditors pursue my brother if I am jointly listed on his assets? 18 Answers as of July 14, 2011

I am considering letting my house go into foreclosure and filling for bankruptcy. My concern is that my name is on my brothers condo title, bank accounts and investments. 

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Yes.
Answer Applies to: California
Replied: 7/14/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
Depends on whether he's a co-owner or co-debtor. If he's a co-debtor, then the debts that you discharge will be his responsibility.
Answer Applies to: Virginia
Replied: 6/22/2011
Cartwright Law Firm
Cartwright Law Firm | Andrea Cartwight
Your creditors can not pursue your brother for your debts. However, any assets listed in your name must be listed as an asset in your bankruptcy proceedings. Therefore, the main issue is whether those assets would be protected in bankruptcy. Please contact my office to discuss this matter further detail. It is important to determine whether your brother assets which you also have an interest in them would be protected. Also, it is very important to inform you not to transfer any property prior to filing bankruptcy. Otherwise, that transfer may be considered a fraudulent transfer. If you should have any questions or concerns regarding bankruptcy, please feel free to contact us. Our firm provides free consultations and low fees and EZ Payment Plans for your convenience.
Answer Applies to: Michigan
Replied: 6/22/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Absolutely. If you file a Chapter 7 case the Trustee can liquidate any non-exempt exempt assets or interest in assets that you have. This includes any co-owned or jointly held property. They key is the amount of equity, and what exemptions you have available under applicable law to protect it. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Answer Applies to: California
Replied: 6/22/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
The trustee will want to know why you are on title to his assets. If there is a legitimate reason there should be no problems. Do not file this case yourself. Get a lawyer who will know how to handle this situation.
Answer Applies to: California
Replied: 6/22/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    This will require explanation as to why you're listed on all your brother's assets. Depending upon the explanation and reason will depend upon whether the trustee can take. Consult with an attorney here. Don't go this alone.
    Answer Applies to: California
    Replied: 6/21/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    When you co-own assets you may want to consider a chapter 13 rather than a chapter 7. All assets in your name are part of your bankruptcy and the co-owner's property could be sold by the trustee for the benefit of your creditors.
    Answer Applies to: California
    Replied: 6/21/2011
    Breckenridge and Walton
    Breckenridge and Walton | Alan D. Walton
    Legally, you are a part owner of your brother's things, and you would need to list them on your bankruptcy as your assets. You may not be able to protect your brother's things from being sold as part of your bankruptcy, so you both really need to have the situation reviewed by a bankruptcy attorney.
    Answer Applies to: Michigan
    Replied: 6/21/2011
    Daniel Hoarfrost, Attorney at Law
    Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
    If your name is on assets, then they have to be listed in your bankruptcy.The question then becomes, what is the extent and value of your interest in the joint assets.
    Answer Applies to: Oregon
    Replied: 6/21/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    If your brother is jointly liable on a debt, creditors can go after him for payment if you stop paying.
    Answer Applies to: California
    Replied: 6/21/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    Laws on ownership of bank accounts vary from state to state. You should speak with an attorney. If there is any equity in the condo you may have some problems. You really ought to consult an attorney.
    Answer Applies to: Arizona
    Replied: 6/21/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    Since your name is on these assets the law presumes that you own half of them. If you file for bk you must disclose these interests and the court may take them. You must be extremely careful how you proceed. You must discuss this type of case with a qualfied attorney.
    Answer Applies to: California
    Replied: 6/21/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    Creditors will not be able to pursue your brother unless he is responsible as a co-borrower, guarantor or co-signer on your debts. HOWEVER, the assets that belong to him that have your name on them may be accessible to your creditors as they are also considered your assets. You should speak with a Bankruptcy Attorney to determine the best course of action to protect your brother from your credit.
    Answer Applies to: New Hampshire
    Replied: 6/21/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Yes, if you have joint assets, creditors can pursue your interest in them.
    Answer Applies to: Indiana
    Replied: 6/21/2011
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    It depends on your state exemptions and what type of bankruptcy you are filing and why you are on his assets, but generally if you are filing a Chapter 7, yes the assets on which your name is on, become part of your bankruptcy estate and can be gone after by the trustee. For example if you are on his checking account along with him, you are consider 50% owner of any money in the account. You really need to very carefully check with a bankruptcy attorney and see what is the avenue for you to take before you do anything!
    Answer Applies to: Michigan
    Replied: 6/21/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    Your creditors can pursue any assets in your name, including your brother's assets with your name on them.
    Answer Applies to: Colorado
    Replied: 6/21/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    There likely are significant effects on your brother and you need to review these in detail with counsel. Because your name is on those assets, the court may seize those assets. (And do not commit fraud by changing the deeds).
    Answer Applies to: Georgia
    Replied: 6/21/2011
    Law Offices of Virginia E. Fortunato
    Law Offices of Virginia E. Fortunato | Virginia E. Fortunato
    All of your assets must be included in your bankruptcy. You should speak to attorney about your specific situation so that he/she can discuss whether your case will effect your brother's assets. If your brother has equity in his home and money in the bank it may become tricky. If the assets are truly your brother's it might be possible to file but you should contact an attorney so they can discuss your individual situation with you and advise how you should proceed.
    Answer Applies to: New Jersey
    Replied: 6/21/2011
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