Legal Question in Real Estate Law in Arizona

Real Estate
My husband & I are filing for bankrupcy. We live & own a home in Arizona & will give up in the backrupcy. We helped our daughter purchase a home in Wisconsin 5 yrs ago & are on the deed. We have never lived in the Wisconsin home or made any payments on the mortgage. We simply used our credit & our daughters credit so she could buy & not rent.
Now with my husband & I filing for bankrupcy I an concerned for my daughters home. Because our name is on the deed, can the courts or any creditors take that home from my daughter or require money from it? I think we are tenants in common but it does not indicate this on the deed. How would I know how we hold title & would it matter? Much Thanks!

Asked on 7/15/09, 2:51 pm

Brian Blum Blum Law Office, PLC

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Re: Real Estate

Is there any equity in the property? How much? If yes, then the property is at risk. Talk to your bankruptcy attorney.

Answered on 7/15/09, 4:30 pm

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