What are my property rights in bankruptcy when dealing with joint ownership of properties? 10 Answers as of July 30, 2011

How can you keep a second home that is co-owned with two other people in ca when filing a chpter 13.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
You'll have to ask that this question be redirected to a CA lawyer. Their laws are very different and they're a community property state.
Answer Applies to: Virginia
Replied: 7/19/2011
Ashman Law Office
Ashman Law Office | Glen Edward Ashman
The answer will depend on detailed information and you will need an experienced lawyer to determine if you can or should do it.
Answer Applies to: Georgia
Replied: 7/19/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
Property rights are affected by filing bankruptcy. In chapter 7 some assets are protected and others are not. In chapter 13 the debtor retains assets. As to jointly held property the rules are complicated and an attorney specializing in bankruptcy should be consulted.
Answer Applies to: California
Replied: 7/19/2011
Eric J. Benzer, Attorney at Law
Eric J. Benzer, Attorney at Law | Eric Benzer
By hiring an excellent attorney
Answer Applies to: Maryland
Replied: 7/19/2011
Dan Shay Law
Dan Shay Law | Daniel Shay
Your ownership interest must be listed. The Trustee could ask for proof of % ownership. If exempt, it should not be a problem. If not exempt, you will have to pay at least the non-exempt part back in the Chapter 13 Plan. If there is rental income, it must be listed too.
Answer Applies to: California
Replied: 7/18/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    That is a loaded question. Does it have equity? How much of your "wildcard" have you used? In Chapter 13 you do not "lose" property, you pay the trustee the value that is not exempt. You should see a competent lawyer before you file.
    Answer Applies to: California
    Replied: 7/19/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    It all depends on the net value of the property. You can only keep property that you can exempt otherwise the court will take it and liquidate it for the benefit of your creditors.
    Answer Applies to: California
    Replied: 7/18/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    When filing a Chapter 13, you are allowed to keep any property, even property that a Chapter 7 Trustee would have sold. However, the property may affect your payments because creditors cannot be paid less in a Chapter 13 than they would havereceived in a Chapter 7.
    Answer Applies to: Colorado
    Replied: 7/19/2011
Click to View More Answers: