Bankruptcy

Posted on Thursday, May 25, 2006

a friend is declaring bankruptcy, question is there are 3 of us with joint ownership to a hunt camp, if our friend declares bankruptcy is our camp in jeapordy ??

1 Comments:

At 1:18 PM, J. Douglas Hoyes, CA, Trustee said…

Perhaps. The trustee for your friend is required to realize on your friend's interest in the camp. If the camp is worth $90,000, the trustee will want to collect $30,000 for your friend's interest in the camp. In most cases the trustee will sell that interest to the other partners.