If the Property is under two names, and one files bankruptcy, will the bank take the property away

Property Bankruptcy

Property Bankruptcy

Hi, My name is May. My question is: I have a property which is under two names. one is me and the other one is Nisa. Nisa is planning to file a bankruptcy so, will the bank take the property away? or should  I wait until she obtains the bankruptcy discharge to sell the property? Thanks

Hi May,

The bank will only take the house away the property if you are behind in payments.

The big question is does the property have equity? To determine the equity we need to know the value of the property and the balance of the mortgage outstanding.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.  

 

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