NOW OFFERING PHONE AND VIRTUAL CONSULTATIONS VIA SKYPE

What Happens to Jointly Owned Homes in Bankruptcy? | Tom Orr Law

What Happens to Jointly Owned Homes in Bankruptcy?

What Happens to Jointly Owned Homes in Bankruptcy?

Many of my clients come to me asking how joint property is handled during bankruptcy. If you own joint property, filing for bankruptcy can affect your co-owners. This depends on the following elements:

Bankruptcy Estates

Although your assets will become property of the bankruptcy estate when you file for bankruptcy, the Chapter 7 trustee can only sell your nonexempt property to pay back your creditors if you have too much equity. The value of any nonexempt assets must be paid to your unsecured creditors in your repayment plan for Chapter 13 bankruptcy.

Exemptions

In almost every bankruptcy case, exemptions allow you to keep all of your assets. Any asset that you can exempt, you will be able to keep. As a result, if your jointly owned property has no equity or is fully exempt, it will not be affected by your bankruptcy.

In rare cases, the trustee can sell the interest of a debtor and non-filing spouse. The trustee must pay the non-filing spouse’s interest in full.

For more information on jointly owned homes, contact me today for free consultation. As an experienced bankruptcy attorney, I will analyze joint property interests. A client should know, before the case is filed if there are any issues of this sort. The vast majority of bankruptcy filers keep their assets while discharging their debts.

YOU’RE NOT ALONE

Hundreds of thousands of Americans, including consumers and business owners, file for bankruptcy each year. While many think this situation is the result of overspending, most cases are due to financial hardship such as job loss, costly medical bills, divorce, or a poor economy.

EVERYONE DESERVES A FRESH START

I’ve been practicing bankruptcy law in Burlington, New Jersey for over 33 years. With just one location, I can focus exclusively on helping my clients make their way not only through bankruptcy, but well past it. We will work together to explore all of your options and determine if bankruptcy is the right choice for you. The goal is to get you on the path to a new beginning.

SCHEDULE A FREE CONSULTATION

If you’re losing sleep, feeling scared or even embarrassed, let’s talk. There is life after bankruptcy and it starts here. My offices are located in downtown Burlington, near the Riverline train stop. I provide Saturday and evening hours as needed. I offer payment arrangements to fit your budget. Contact my office today at ​​609-386-8700.

CONTACT US

Start your path towards a new financial beginning. Contact our offices today!
Scroll to Top