Can a Bankruptcy Court Take Property Even Though it is Owned by Multiple People?

Here is the Question:
I live in Illinois and have property in canada. I own it with my 2 brothers, sister, and dad.
Asked about 1 hour ago – Joliet, IL

I may have to file bankruptcy in 2 years when I retire. Can they confiscate the Canadian property even though it has multiple owners?

My Answer:
Yes, the Bankruptcy Court can take the property. Regardless of where the property is, it has to be disclosed to the Bankruptcy Court. The bankruptcy Trustee could decide to sell your share of the property to pay your creditors. However, it depends on the value of your share, less any liens on the property. If the trustee decides that there is not enough equity (value of your share less liens) to pay anything, then the trustee may not sell the property. It is important that you contact an Illinois bankruptcy attorney and set up a consultation to discuss all of your options.

Daniel J. Winter