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If two individuals own property and one files a bankruptcy what is the status of that property?
Wiki User
∙ 11y ago
This question is far too broad. The variable answers depend upon many variables. There are principally two kinds of property: one being real property and the particular state laws regarding what is and is not deemed a legal "attachment" to it; the other is an umbrella for non-real estate (sometimes divided into chattels, consumer goods, movables, fungibles, and other categories. In some instances, creditors must obtain a court-ordered division, and cannot exercise any right, title or lien against "undivided" real estate. Where there are liens involved, rights of lien holders vary as to who is first and last in right, and whether and, if so, what steps must be followed to perfect or execute judgment on one's lien. If a property qualifies to be treated under maritime law, ranking of creditors is in reverse chronological order (last in time, first in right). Such things as livestock can be treated differently. Then, too, the laws vary from state to state as to what kinds of ownership can be had. Tenancy in common, joint tenancy, and other categories can apply -- with different rules applying to each. In some cases, the issues are not clear, and even the advice of qualified legal counsel can differ. In some cases judges must decide. And judges' rulings can, in some cases, be contested. In a nutshell, a question such as this should be asked of an attorney in the state in which the property is legally owned, in each particular instance.
Wiki User
∙ 11y ago
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If the primary owner files bankruptcy and has a co-signer can the co-signer continue to pay and take ownership of property?
That's an issue that has to be decided by the court, the lender and the exemption status of the property.
Who files papers with the court house to take a lien off a property after a bankruptcy court discharges what you owe on the lien?
Your bankruptcy lawyer.
If a spouse files for bankruptcy will assets such as property that are in the name of the of the other spouse only be seized?
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
What happens to a promissory note when the note holder files for bankruptcy?
The note becomes a part of the bankrupt individuals assets.
Are you safe from creditors if you buy the assets of someone in bankruptcy without knowing they are bankrupt?
No, you are not. When someone files bankruptcy the title to their property is held by the trustee in bankruptcy. The bankrupt cannot sell any property therefore, if they do, the title is not clear. You may lose the property to the creditors if someone tracks it down. You would then be out of the property and any money you paid for it.
Are you required to move if your landlord files bankruptcy?
The basic rule is as follows: if your landlord files bankruptcy that is a matter between your landlord and his creditors, not you, the tenant. You are still required to pay rent or be evicted, as long as your landlord has control over the property. This applies to whether the landlord has filed for bankruptcy or if the property is under foreclosure. In either case, if you end up staying on the property, the new landlord will provide further instructions on whether to stay or to move.
Can my husband's brother get out of paying us 48000.00 we loaned him if he files bankruptcy?
Possibly. It depends on the terms of the loan and the type of bankruptcy he files. You should meet with a lawyer to find out what, if anything, can be done to protect the loan. You may need to get a judgment and attach to property.
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
What happens to a vehicle when the title is held by two persons who are not married and one person files bankruptcy?
Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.
If a pastor files for bankruptcy can the church fund be affected?
If the pastor files for personal bankruptcy, no - the church fund can't be touched. If he files bankruptcy ON BEHALF of the church, then any and all funds and assets of the church can be affected.
What happens if a co signer files bankruptcy?
They both go bankruptcy
Is a rental Lease void if the owner files a Bankruptcy 7 and does not reaffirm the property?
Leases are not reaffirmed like secured property is. Leases are either assumed or not assumed, and there is a difference. There is no way to answer your question without knowing more specific facts about what is happening in the chapter 7 bankruptcy proceedings.
