My Rights As a Joint Tenant when Co- Owner Has Filed Chapter 7 Bankruptcy

[astout07]

My question involves bankruptcy in the state of: Maryland
I am a Joint Tenant co-owner of a property in Maryland. The other co-owner has filed Chapter 7 Bankruptcy, and the trustee for the estate has filed documents to force the sale of he property and is now suing me for my portion of the net proceeds. What are my rights as a joint tenant? I have not filed bankruptcy and would like to stop the sale of the property. Do I have the legal right to stop the sale? If so, what do I need to file? Do I have the right to my share of the net proceeds? If so what are my rights and what do I need to file to collect these net proceeds?
Ultimately I would like to buy the house back. Do I have the legal right to do this?

[despritfreya]

Under 11 USC 363(h) the Trustee has the right to sell both the estate's interest and the co-owner's interest in property of the estate. However, he cannot divest you of the value of that interest therefore, unless there was a fraudulent conveyance in giving you the interest that could be avoided, you are entitled to half the proceeds. I would argue that since it is a forced sale you get 1/2 after payment of the underlying mortgage(s) and property taxes but not after closing costs and commissions.

The Trustee does not care who it is sold to therefore you would have the right to "bid" on the property but to make it work, you may have to completely refinance - unless you happen to have cash.

And yes, you really need to have an attorney as Trustees tend to walk all over those not represented.

Des.