Wednesday, August 17, 2011

What property can i keep in chapter 7 bankruptcy?

We are filing chapter 7. We own and live in one home but have a mobile home that is being paid on by brother in law but is in our name as well as 1/3 ownership in a little over 3 acres (the mobile sits on it). The 3 acres is a life estate and lists his brother and sister as owners too. First lawyer said that it was safe, but now says we have to let it go in the bankruptcy throwing my brother and sister in law out of their homes. the land still has a 6000 lien on it owed to his parents payable in $25 per month for 20 years (only been 9). their lawyer is trustee, his parents overseers and us as inheritants of the property at the end of 20 years. Can the courts actually take this and force his brother and sister off? Please I need a answer asap.

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