Would it be wise to add my name on the house or me putting my name on the house affect me filing for bankruptcy? 7 Answers as of July 07, 2017

I am in the process of looking to file for bankruptcy but at the same time, my friend and I would like to buy a house. I would become partial owner.

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Ronald K. Nims LLC | Ronald K. Nims
Generally, having your name on your residence won't affect filing bankruptcy. Ohio has a $132,000 exemption for equity in your home, so unless you're really putting a lot down, any equity would be exempt.
Answer Applies to: Ohio
Replied: 7/7/2017
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
Home ownership can be costly. I would question whether you should be purchasing a house if you need to file bankruptcy. Please go see a knowledgeable local bankruptcy attorney who can get all the facts and advise you.
Answer Applies to: California
Replied: 7/7/2017
Garner Law Office
Garner Law Office | Daniel Garner
Not a good idea to do it before you file for bankruptcy.
Answer Applies to: Oregon
Replied: 7/6/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Well then, I guess it would sort of depend on whether you can get the credit necessary to finance the purchase of the house. If you are paying cash for it in order to avoid paying your debts, you need to proceed with extreme caution.
Answer Applies to: Nevada
Replied: 7/5/2017
Patrick W. Currin, Attorney at Law | Patrick Currin
It would be a bad idea unless there was no equity in the property.
Answer Applies to: California
Replied: 7/5/2017
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    So I'm wondering how you would buy a house if your finances were is such bad shape? I'd check with local counsel first. Someone needs to look at the numbers to answer this question.
    Answer Applies to: California
    Replied: 7/5/2017
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    I think it would be alright, although there is not enough information to make that assessment. You would be wise to meet with a lawyer face to face to get your questions answered.
    Answer Applies to: Colorado
    Replied: 7/5/2017
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