You may have important home equity concerns and must avoid any acts of fraudulent conveyance or transfer. When you're insolvent and/or filing bankruptcy, being "bought out" or otherwise transferring property interests is one of the big no-no's. Under these general circumstances, seeking legal counsel is imperative.

Answer Applies to: California
Replied: 9/23/2011

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Assuming you are jointly liable on the mortgages on the house, you can file for bankruptcy on the mortgages. If the property has equity, the bankruptcy trustee might sell your presumed one-half interest in the house. At this time, I am not sure you need to file for bankrupty at all, I need more facts. Get a free consultation with an experienced bankruptcy attorney.

Answer Applies to: Colorado
Replied: 9/22/2011

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If you qualify under the means test you can file. The co-ownership issue depends upon how much equity there is in the house.

Answer Applies to: Georgia
Replied: 9/21/2011

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The house like any secured loan will get rid of your personal liability but not get rid of the lien.

Answer Applies to: Washington
Replied: 9/21/2011

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You can file, you will still own it until there is a foreclosure. If it has equity, and that doesn't seem to be the case, the trustee will have no interest in it.

Answer Applies to: California
Replied: 9/21/2011

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Yes you can file a bankruptcy even she is on title to the property. A chapter 7 bankruptcy will wipe out your liability for the "promissory note" on that property which means even if they foreclose on the property, the lender can not go after you for a judgment. She will still be liable to the lender for any judgments unless she also filed a separate bankruptcy.

Answer Applies to: New York
Replied: 9/21/2011

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It depends on the equity you have in the house, among many other things. Just abandoning the house does not make it a asset that you no longer own. Many bankruptcy attorneys do free first consultations, make an appointment with one of them and see what your options are!

Answer Applies to: Michigan
Replied: 9/21/2011

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You can file assuming your numbers let you file. She may have adverse consequences but that doesn't stop you from filing.

Answer Applies to: Georgia
Replied: 9/20/2011

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You can file bankruptcy regardless if the house is abandoned. A trustee will be appointed who will determine if the home has any value to the bankruptcy estate and liquidate your portion regardless of your sister's objection.

Answer Applies to: Colorado
Replied: 9/20/2011

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The major issue is whether the home has any equity. If not then you can file bankruptcy and not lose the home.

Answer Applies to: California
Replied: 9/20/2011

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If you abandon your equity in the house, the bankruptcy trustee may take it and force a partition.

Answer Applies to: Mississippi
Replied: 9/20/2011

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Yes. You may file for bankruptcy to address this issue successfully. A Bankruptcy will be able to discharge any debt you owe on the home if it is abandoned. However, you would want to speak to a bankruptcy attorney regarding any unpaid taxes or homeowners dues that may have accrued during your ownership of the home. Most attorneys provide free consultations and would be able to address this issue directly.

Answer Applies to: Texas
Replied: 9/20/2011

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.