Legal Question in Bankruptcy in California
life estate
i only have life estate on my grandfathers property he left me, i am filing bankruptsy, do i have to list this place? there is 5 family members on the land and there is a equity loan balance left on it
Asked on 10/31/06, 11:20 am
2 Answers from Attorneys
Carl Starrett
Law Offices of Carl H. Starrett II
Re: life estate
Even a life estate is a property interest that must be disclosed when filing for bankruptcy. A local bankruptcy attorney could help you plan our your exemptions to minimize the risk that the trustee might consider selling you interest in the subject property.
Answered on 10/31/06, 12:15 pm
Gloria Gong
Law Office of G. Gong
Re: life estate
Anyone filing for bankruptcy must list all of his or her assets. The value of the life estate may be zero. It is very difficult, in general to sell a life estate interest in real property.
Answered on 11/01/06, 11:07 am
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