What happens to real property in a bankruptcy?
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What happens to real property in a bankruptcy?
I am thinking of filling bankrupcy since I am not working now and i need advise on my properties that I own.I own one property where I am behind with payments and soon is going to be foreclosed. I do not live there; I live my sister now and I am not on the loan for that property but only on title for that property. If I file bankrupcy to include all my credit cards, car, and the house being foreclosed on, can I avoid any legal action on my sisters property since I am on the title there? Can they touch that property as well or no?
Asked on June 21, 2012 under Bankruptcy Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
With respect to the real property that you own and are behind on payments on which will soon result in it being foreclosed upon, your filing for bankruptcy protection and a discharge of this debt and your other debt (credit cards and the like) will result in you no longer being obligated on these debts.
As to the property that you own with your sister but are not on the loan for it, your bankruptcy would have no affect on the loan as that parcel. I suggest that you consult further about your situation with an experienced bankruptcy attorney.
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