Will this in jeopardize my bankruptcy if the second property owned with 2 others was sold? 13 Answers as of July 31, 2014

My name is on the deed but not on the mortgage.

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
If there was equity and you made profit, then the trustee may be able to go after that money, depending how long ago this happened.
Answer Applies to: New York
Replied: 7/31/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
Give me a break! I would need to have more information to answer a question like this. When was the property sold? Last week, last month, last year, or not sold at this time? Who was it sold to? Like a friend, relative, or business associate of one of the owners? Was it sold for fair market value or virtually given away? The devil is always in the details...so you need to be discussing this with an attorney who is representing you.
Answer Applies to: Nevada
Replied: 7/30/2014
Stephens Gourley & Bywater | David A. Stephens
It could depending on whether the trustee abandoned his interest in the property which was sold.
Answer Applies to: Nevada
Replied: 7/29/2014
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to clear this with your trustee.
Answer Applies to: California
Replied: 7/29/2014
Barnhart Law Office
Barnhart Law Office | Bruce C Barnhart
During a bankruptcy, you can not sell any property without first obtaining an order approving the sale.You are required to disclose any sale or transfer of property occurring two years prior to the bankruptcy filing.
Answer Applies to: Nebraska
Replied: 7/29/2014
    Your equity in the property (non-homestead) is determined at the date of filing of the bankruptcy.? The sale of the property should not have an effect on the bankruptcy itself.? If you had equity that could not be exempted it would have an effect as to the trustee obtaining monies from the proceeds of the sale.
    Answer Applies to: Minnesota
    Replied: 7/28/2014
    Ronald K. Nims LLC | Ronald K. Nims
    When you own property with 2 others, that's called tenants in common and each own 1/3rd of the property. If your name isn't on the mortgage, then your 1/3rd is free and clear. The only problem would be if you failed to disclose your ownership of this property on your bankruptcy schedules or you valued the property at significantly less than the actual selling price. In either of these cases, you need to amend your schedules to show the property.
    Answer Applies to: Ohio
    Replied: 7/28/2014
    If you are presently in a bankruptcy case, hopefully you listed your interest in the property on Schedule A and possibly claimed as exempt on Schedule C. You must also obtain the Bankruptcy Court and Trustee's approval of the sale before it can be completed.
    Answer Applies to: California
    Replied: 7/28/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    As long as you are paying the mortgage timely it should not have a bearing. If you are in a 13, you should be timely on your proposed plan payments.
    Answer Applies to: Nevada
    Replied: 7/28/2014
    Law Offices of Linda Rose Fessler | Linda Fessler
    Yes, if it was sold during the bankruptcy or within two years prior to your filing the bankruptcy.
    Answer Applies to: California
    Replied: 7/28/2014
    Law Office of Melissa Botting | Melissa Botting
    The income from the property will need to be turned over to the trustee to be applied to the debts. If this is a chapter 13, you will need to see if it is still advantageous to be in the bankruptcy.
    Answer Applies to: Texas
    Replied: 7/28/2014
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    It's an asset that should have been listed in your schedules. A sale of your interest without the bankruptcy court's approval or ch. 7 trustee abandonment is a no no.
    Answer Applies to: Massachusetts
    Replied: 7/28/2014
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