Posted on: 09th Aug, 2010 11:22 am
I turned a condo over to my sister-in-law almost 25 years ago without any paperwork.She has maintained it in all financial respects since then.I married after the purchase so I understand my wife is automatically part of the ownership.If I file bankrupcy on my unsecured credit cards, will they take the condo from her assuming it is an asset?
Hi tiger,
If your name is still mentioned on the property deed as an owner, then you will have to list it in your bankruptcy filing. If you include the property in your bankruptcy filing, then the trustee can take it, depending upon the equity it has, and sell it off to pay your creditors.
Thanks,
Jerry
If your name is still mentioned on the property deed as an owner, then you will have to list it in your bankruptcy filing. If you include the property in your bankruptcy filing, then the trustee can take it, depending upon the equity it has, and sell it off to pay your creditors.
Thanks,
Jerry