I am currently listed as tenants in common with a person who has not paid into the property in either mortgage payments, upkeep of property, or in any other way for over 9 years. She did split the down payment on the property, and pay part of the mortgage payments for about 3 years. Many improvements have been made to the property over the past 9 years, all at my expense alone.
She is filing chapter 7 bankruptcy and I would like to know her status of ownership on the property. Is there any recourse for abandonment of the property? What can I do to salvage my investment? Help me please!
Answer By William Bronchick:
Her portion of the property is still owned by her, but now is under the jurisdiction of the bankruptcy trustee. It is possible that it could be sold liquidate her interest to satisfy her debts. In such a proceeding, you could claim that you have a "charge" against her half for the unpaid expenses that she was responsible for. In any event, you may want to appear in the proceeding so that her creditors do not get first crack at the assets.
Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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