California What Happens To Jointly Owned Real Estate In Bankruptcy
In California, if real estate is jointly owned by multiple individuals and one of the owners files for bankruptcy, the real estate property may be protected from being sold to pay off the debts of the bankrupt owner, but it depends on the type of bankruptcy filing and also the specific circumstances of each case or situation.
For Chapter 7 bankruptcy, the non-filing owner’s interest in the real estate property is generally protected, and the home is not sold to pay off the filing owner’s debts.
In a Chapter 13 bankruptcy, the non-filing owner’s interest in the house may also be protected, but the filing owner may be required to pay off their debts through a repayment plan over a period of three to five years.
However, it’s best to consult a bankruptcy attorney to get a definitive answer on your specific situation as we are not lawyers and can’t give legal advice.