Can they take the house?

[dws613]

What is the name of your state? Arizona

If I file bankruptcy for my credit card and car loan, can they take a house that my father, brother and I are all on the title for? Only my father is on the loan.

 

[djohnson]

You can't just file on what you pick. If you file it must include every debt and asset. Your portion of the house would be considered an asset. Depending on if you own other property and what the equity is in the house it may be vulnerable.

 

[dws613]

We just signed the papers for the home. I was not used for approval, my father got the loan in his name only. However, my brother and I will be on the title. Will I be considered an owner, and if so, how do they determie what percent owner (1/3?). How would they take part of a house? I suppose I could be removed from the title while I go through the bankruptcy. How long do I need to be off the title before I file?

 

[djohnson]

Because you are on the title you are an owner, the only thing not being on the loan helps you with is that you didn't just contract for more debt. Depending on your other assets and property (where do you live), it may be a problem. You haven't answered the rest of the question so we can't help you with the unknown.

 

[dws613]

I live in Arizona. I own nothing except some worthless land in Southern Arizona and New Mexico (worth maybe $1500 or less for all the land). I own nothing else worth money to a creditor (furniture, small coin collection, etc...) I owe $7500 to credit cards, $13750 to a car that is worth about the same. I just bought the house for $230,000 so I assume there is no equity in it yet.