Posted on: 01st Jun, 2008 07:51 am
:?: my name was put on a quit claim deed with my aunt 4 years ago in florida. she paid cash for the condiminium 15 years ago. how will my filing chapter 7 bankruptcy effect the property??
Welcome jm.
There are certain exempt properties that are not sold in the process of chapter 7. So if this property falls into the list of your exempt properties then it will not be sold. Otherwise your share of the property can be sold to pay off your debts.
Let me know if you have any further queries.
There are certain exempt properties that are not sold in the process of chapter 7. So if this property falls into the list of your exempt properties then it will not be sold. Otherwise your share of the property can be sold to pay off your debts.
Let me know if you have any further queries.
Check with your bankruptcy attorney when you file.
Normally, all assets are liquidated in a chapter 7 to pay the creditors except certain exempt property, ie homestead. However, you generally must live in a property to claim homestead.
Normally, all assets are liquidated in a chapter 7 to pay the creditors except certain exempt property, ie homestead. However, you generally must live in a property to claim homestead.
