Joint ownership of Property
April 13th, 2007 by Questions
What happens to personal property (land,farm.cottage and house) which is in joint ownership with someone other than the spouse if I decide to go bankrupt? I understand what happens with the family home as shown on FAQ’s.
One Response to “Joint ownership of Property”
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April 16, 2007 at 3:28 pm, A licensed trustee said:
Joint property is subject to the same rules as family property. If you own a farm with someone else (related or otherwise) and you file for bankruptcy then your share of the equity (net value) of the farm must be paid to your trustee or the trustee may try and have the farm sold.
In most cases, a trustee wll try and “sell” your share of the property to whomever owns the other half before they try and so anythng else with it.
I won’t kid you – if the other party doesn’t want to buy your share or agree to sell theirs it can become quite complicated. The thing to keep in mind is that your bankruptcy won’t end until the property has been dealt with.
As with any complex issue, be certain to explain your situation in detail with your trustee before you file for bankruptcy – you want to know how the property will be dealt with before you get started.