What happens to a joint four-people owned rental property if one of them files for bankruptcy? 4 Answers as of October 10, 2017

Property is in WV. The 4 joint owners live in MD.

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Meet with an attorney where the real estate is located.
Answer Applies to: Colorado
Replied: 10/10/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If there is equity the trustee will offer the remaing 3 the opportunity to purchase the 1/4 interest. (Probably at a discount). Otherwise the trustee could sell it and pay the remaing 3 their share (but the trustees fees and lawyers fees are excessive). Try to avoid this.
Answer Applies to: California
Replied: 10/6/2017
Ronald K. Nims LLC | Ronald K. Nims
It depends upon whether the 1/4 ownership of the bankrupt is exempt property. If it's exempt then there are no changes. If it's not exempt, the trustee will force the sale of the property then take the bankrupt's 1/4 of the proceeds and pay the trustee's fee. If there's anything left over after the trustee?s fee are paid, the trustee will pay herself more fees.
Answer Applies to: Ohio
Replied: 10/6/2017
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Much depends on numerous facts peculiar to the people, the context, the federal district and the chapter of the bankruptcy code which the debtor has chosen. Your question demands many more facts than you have provided. Sorry. Consult an experienced BR lawyer in your federal district.
Answer Applies to: Wisconsin
Replied: 10/6/2017
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