IMy daughter may file FLA Chapter 7 Bankruptcy (little income). However, I had put her name on real estate with me in Michigan. Can I save the house?
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IMy daughter may file FLA Chapter 7 Bankruptcy (little income). However, I had put her name on real estate with me in Michigan. Can I save the house?
I put my daughter’s name on the home in Michigan, along with mine as a joint tenant, to avoid probate. She has never put anything like money or labor into it. Thanks so much!
Asked on June 16, 2009 under Bankruptcy Law, Florida
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT and practice in this area. There are certan state exemptions (homestead) which generally say that if you have less than 75K of equity in real estate, then the creditors that you seek to discharge in BK cannot touch the property. I presume that your property does not have 75K of equity and can be protected. If this is the case, the house is not at risk and your daughter can file BK without exposing the house.
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