Full question:
I am considering letting my house go into foreclosure and filling for debt relief or bankruptcy. My concern is that my name is on my 90 year old grandmothers condo title, bank accounts and investments. Could lenders/creditors go after her assets to obtain payment? All of her assets are held jointly with her, my cousin and my self.
- Category: Bankruptcy
- Date:
- State: Nevada
Answer:
When a joint tenant files for bankruptcy, it typically divides the joint tenancy into equal shares. If there are multiple joint tenants, those who do not file for bankruptcy will retain a joint tenancy of their share. Therefore, creditors may not directly pursue your grandmother's assets, but the bankruptcy could affect the ownership structure.
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