Posted on: 02nd Sep, 2009 03:02 pm
my sister and i co-own a small fishing cabin with a low value (<$20,000). she ownes a 1/7th share while i own the remainder. she has filed for chapter 7 bankruptcy. for the past 4 years she has not paid her portion of the property taxers, insurance, or other necessary costs of ownership and upkeep and now owes me some $4,500 (i have paid all expenses in full and she ownes me her share). what actions should i take to ensure i retain ownership of the property?
Hi Peter!
Welcome to forums!
As your sister has filed for Chapter 7 bankruptcy, she will have to list all her assets. You will have to check out if she has included the mortgage for the concerned property in her bankruptcy filing or not. There are chances that the trustee may sell off the property in order to pay off her creditors. However, you would receive your share of money from the property. I would suggest you to contact a bankruptcy attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your sister has filed for Chapter 7 bankruptcy, she will have to list all her assets. You will have to check out if she has included the mortgage for the concerned property in her bankruptcy filing or not. There are chances that the trustee may sell off the property in order to pay off her creditors. However, you would receive your share of money from the property. I would suggest you to contact a bankruptcy attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane