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Old 02-18-2007, 11:45 PM
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Join Date: Jan 2007
Posts: 35

Jointly owned property

What is the name of your state? Colorado

I jointly own property (farmland) with 4 family members in another state. If I file for bankruptcy (it would probably be chapter 13) in Colorado, is the property in the other state exempt? This property is paid off; there is no loan on it.

I guess there are two questions here.
1. What happens in a bankruptcy when one person in a joint ownership files?
2. Does property in another state have to be disclosed?
Last edited by gocolts; 02-19-2007 at 12:09 AM.
  #2  
Old 02-19-2007, 03:11 PM
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Join Date: May 2001
Posts: 6,453
ALL assets must be disclosed. Does not matter where they are located.
Joint ownership can complicate matters. A lot depend on what the property is worth vs the exemptions allowed in your state.
You need to see a lawyer for specifics related to your situation.
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