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  1. #1
    Join Date
    Jan 2014
    Location
    Westland, Michigan
    Posts
    1

    Default Selling a Share of a Home During Bankruptcy

    My question involves bankruptcy in the state of: MI

    Reason I filed for 13 instead of 7... Mom, getting old, put her house only in mine and my sisters names so easy when she passes away
    Thought at first all 3 of our names were on it, in process of filing, found only our 2 names on it...so 1 big asset I half own.
    Been up to date on payments since filed in 2011... never told her about the bankruptcy, she's over 80... but now she got an offer to buy the house and she wants just an old timers apartment

    Supposed to talk to my attny. tomorrow, but what are the options?

    Don't have all the numbers, but my bankruptcy total was intially around 60k.. with a 2nd mortgage "lien-strip' (?) of around 19k

    Her plan was to just split the money she gets from the sale, after paying off the mortgage (which she doesn't own too much on) and just give it to my sister and I..... probably enough to almost pay 100% of what I owed to start with... but then there is the interest, right?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Selling a Share of a Home During Bankruptcy

    The sale would have to be disclosed to the trustee, who may not be sympathetic to the notion that this is really mom's house, or that your sister should receive a share of the proceeds from your presumptive half-interest, so it really is something you need to address with your lawyer.

    The transaction could also have ramifications if your mother receives Medicaid benefits within a five year period after selling the house.

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