Legal Question in Bankruptcy in New York
want to file for a chapter 7 in my state of ny. i meet the income requirements however i am worried about one thing. when my father died i was 4 years old. he owned two houses that my mother has been overseeing ever since. she handles all the affairs, bills and income for the house....and has paper work stating that. however, legally i am part owner along with my sister. the title deed still remains in my fathers name.. will this disqualify me?
1 Answer from Attorneys
From what you have written, it is not possible to determine whether this would create a problem in Chapter 7. Whether you have any ownership interest in the properties depends on how the assets were supposed to be distributed upon your father's death. That would depend on whether there was a will and on the form of ownership of the properties. If you have any legal or equitable interest in the properties - and if there is equity in those properties - a Chapter 7 trustee can sell your interest to pay your creditors. Please contact my office directly should you wish to discuss your situation further.
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