Legal Question in Bankruptcy in Virginia

Parent dies, leaves their house equally to three children, each owns a third. One of the siblings files bankruptcy three or so months after ownership is given to all three siblings. Can his bank or bankruptcy court claim house and ownership of other siblings in state of Virginia

Asked on 5/24/17, 12:07 pm

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.

The bankruptcy trustee owns the debtor/sibling's 1/3 share. Unless the property can be actually partitioned (large raw land for example), the trustee can sell the whole property and pay 1/3 of the proceeds to the other owners. Any co-owner has this pretty much the same right outside of bankruptcy. If the other two want to keep it, they should have the right to match the price for the 1/3 share and keep it.

Read more
Answered on 5/25/17, 4:32 am

Related Questions & Answers

More Bankruptcy Law questions and answers in Virginia