Bankruptcy

[imconcerned]

I purchased our marital home with my father-in-law. He has 75% I have 25%. We purchased the home 2 years ago. Due to the debt that I cosigned for (credit cards, time share, car loan), I realistically am going to have to file for bankruptcy.

I am considering putting the house in the bankruptcy as my spouse still lives in it and I cannot trust that although it's a great asset and we both want the kids to have that home that payments will be made upon it and if something happens then I'm liable.

If I file for bankruptcy and put the house in the bankruptcy so that I am not liable

1 will the house have to be sold
2 if the house is not sold would I still be elibible for a payout (which I assume would go to my creditors)

[PaulSlan]

I do not practise in the area of bankruptcy so you will have to consult a bankruptcy lawyer and/or a trustee in bankruptcy. You will certainly have to disclose your interest in the property and the trustee will take it from there.
I am not sure what you mean by a pay-out. Again, once you file for bankruptcy the trustee has control of your assets and he or she will make recommendations as to their disposition on behalf of your creditors. Ultimately, the decision is made by the Bankruptcy Court.

[ChristopherCostello]

You can go to a Bankruptcy lawyer, he will surely help you. They are expertise in this case so lawyer in another field won’t help you much.

[davedavid]

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