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Bankruptcy on Jointly Owned Property

Whether you are filing for individual Chapter 7 or Chapter 13 bankruptcy, there is always the possibility that your spouse may be affected. Therefore it's helpful to keep informed of the consequences your spouse might encounter while you file for bankruptcy.

When you file for bankruptcy your case will vary depending on laws in your state. There are two different laws that determine the rights to your property acquired during marriage, the community property and common law property.

In the state of Florida, the government follows the common law. This means if your name is on the title or you purchased the property yourself, then it is rightfully yours. However if you own the property jointly then each spouse is entitled to half, unless stated otherwise.

So when you file, the property you own separately as well as your portion of the jointly own property become part of your bankruptcy. In the long run if you do not have enough exemptions to the following assets the Chapter 7 trustees may take the property to sell to your creditors. Which means if you have nonexempt joint property the trustee can still sell the entire asset of your jointly own property but they must pay your spouse their portion.

Regarding debts, your bankruptcy discharge will eliminate you from paying your dischargeable separate debts and joint debts. But your individual discharge will not affect your spouse's responsibility for paying their personal or joint debts.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Nolo Law for All | Legal Encyclopedia

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  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
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