What happens to my home in a bankruptcy if it has shared ownership?
I share my home with a family member. Both of our names are on the title, but only I want to file for bankruptcy. Will this affect his credit if I file for bankruptcy?
Answered By: Heupel Law
It depends if the home has more than $60,000 of equity ($90,000 if you're over 60 or disabled). If the equity is less, then it won't affect the other person at all. If it's more, then yes, it certainly will impact the other person as the trustee may sell the home. Be sure to hire a bankruptcy attorney to handle a situation like yours.
Answer Applies to: Colorado
Replied: 12/28/2011
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Answer Applies to: Colorado
Replied: 12/28/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Mankus & Marchan, LTD
Your family member's credit score should not be impacted by you filing bankruptcy as long as the mortgage payments continue to be made. If the payments are not made timely, the family member's credit score will be impacted negatively whether you file bankruptcy, or not.
Answer Applies to: Illinois
Replied: 12/19/2011
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Answer Applies to: Illinois
Replied: 12/19/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Janet A. Lawson Bankruptcy Attorney
It will not affect his credit, but if it has equity see a lawyer before you file.
Answer Applies to: California
Replied: 12/19/2011
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Answer Applies to: California
Replied: 12/19/2011
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Answered By: Guardian Law Group PLLC
No but he may have other consequences such as seizing the asset and sale if there is excess equity in it.
Answer Applies to: Utah
Replied: 12/16/2011
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Answer Applies to: Utah
Replied: 12/16/2011
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Answered By: Diefer Law Group, P.C.
If the payments are made on the home, the fact that you file for bankruptcy should not affect other people's credit who are on the loan. The bankruptcy should only affect the person filing. However, the bankruptcy can be listed on the other persons credit report just showing that the account is associated with a bankruptcy since you are filing but this should not impact that persons credit.
Answer Applies to: California
Replied: 12/16/2011
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Answer Applies to: California
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Charles R. Nettles - Attorney at Law
There shouldn't be any effect on their credit so long as the payments keep rolling in.
Answer Applies to: Texas
Replied: 12/16/2011
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Answer Applies to: Texas
Replied: 12/16/2011
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Answered By: The Law Office of Darren Aronow, PC
It will only affect his credit if he stops making payments. He must make full mortgage payments in order to keep his credit intact.
Answer Applies to: New York
Replied: 12/16/2011
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Answer Applies to: New York
Replied: 12/16/2011
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Answered By: Steven Harrell, Attorney at Law
If the home has more than $10,000 worth of equity, filing a Chapter 7 case is out of the question, even if it is jointly owned. If you file a Chapter 13 case and continue to pay your mortgage (if there is one) you would have no trouble in keeping your home.
Answer Applies to: Georgia
Replied: 12/16/2011
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Answer Applies to: Georgia
Replied: 12/16/2011
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Answered By: Law Offices of Michael B. Fisher
No, it won't affect your relative's credit rating, only yours. However, depending on the type of bankruptcy you file and the amount of equity (if any) in the home, you may lose your 1/2 interest in the property. There are a number of scenarios for what might take place depending on if there's a mortgage against the property, if there is any equity, and what your relative intends to do with the property. You should speak to a bankruptcy attorney to discuss your specific options.
Answer Applies to: New Hampshire
Replied: 12/16/2011
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Answer Applies to: New Hampshire
Replied: 12/16/2011
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Answered By: J.M. Cook, P.A.
If you own property that you can exempt under state or federal law, the property is protected against creditors or a trustee in bankruptcy. If you do not have sufficient exemption, the trustee could sell the property to pay half to the other owner and use your share to pay creditors. Your credit is absolutely affected by filing bankruptcy; just like not paying your bills on time.
Answer Applies to: North Carolina
Replied: 12/16/2011
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Answer Applies to: North Carolina
Replied: 12/16/2011
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Answered By: The Schreiber Law Firm
The only way a non filing borrower's credit can be affected is if the payments are not made or if there is a foreclosure. However, if there is equity which cannot be protected by an exemption, the bankruptcy trustee can sell the property to get your portion of the equity to pay your creditors and give the other owner their portion.
Answer Applies to: California
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Carballo Law Offices
It the mortgage payment is not being made then it will definitely affect anyone else on the mortgage with you whether or not you file a bankruptcy case. It is the failure to pay that will affect the other person's credit and not your filing bankrutpcy. If you file a bankrutpcy case and don't pay the house or work out an arrangement with the bank such a modification then the bank will ask the court permission to foreclose and most likely the court will grant permission to foreclose. You cannot keep a house without paying the mortgage in or out of bankruptcy. Bankruptcy will delay the foreclosure because the bank will require court permission to foreclose while your bankruptcy case is pending. If you are making payments on the mortgage then your house will not be affected by the bankrutpcy unless you have too much equity and cannot exempt the equity you might have. Make sure you have an attorney represent you since bankruptcy is a dangerous thing to do without a lawyer. You need to find out if you should file and what kind of case would be best for your situation.
Answer Applies to: California
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Grace Law Offices of John F Geraghty Jr.
The issue is creditors not title. It depends if the person is a mortgagor.
Answer Applies to: Georgia
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Georgia
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Bankruptcy Law office of Bill Rubendall
Filing for bankruptcy does not affect the credit of a co-borrower who doesn't file bankruptcy.
Answer Applies to: California
Replied: 12/15/2011
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Answer Applies to: California
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Weber Law Firm, P.C.
Your bankruptcy filing will not affect the credit of a joint owner of the property. However, it may resulting a sale of the property in accordance with bankruptcy law.
Answer Applies to: Texas
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Texas
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Harkess and Salter, LLC
The bankruptcy filing shouldn't hurt his credit, but in some cases it may hurt his ownership of the property. You need to discuss the situation with your attorney before filing to make sure that the house is fully protected.
Answer Applies to: Colorado
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Colorado
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Ashman Law Office
Your filing could cause the other family member to lose the home. You need a lawyer (do not risk causing problems with a pro se filing) and a lawyer can likely determine how to best protect your family.
Answer Applies to: Georgia
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Georgia
Replied: 12/15/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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