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Posted by Darryl-CA on November 18, 2003 at 10:26:50:
In Reply to: Best Way to Hold Title (CALIF)?? posted by Philip on November 17, 2003 at 13:35:07:
Hi Philip.The best way to hold title depends on your particular circumstances. In 2000 I had a partner do the same thing. He filed Chapter 7 bankruptcy. At that time any and all interest he had in our properties, became property of the bankruptcy estate.Unless you go to court to protect your property, you may have a problem with his creditors attaching your interest(equity).Also during his bankruptcy the court trustee would not allow any changes to or transfers in title.By the way we were tenants in common.: Hello. I am in a Joint Real estate venture with another person. He filed Bankruptcy, we had Balloon payments due and no one would refinance. to avoid defaulting and losing a huge amount of equity, I paid off the balloons WITH MY PERSONAL MONEY so we now own the properties free and clear. However, Since I 'm now "way more vested" in the properties than my (No good) partner, how should title be held?? Thanks for any suggestions
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