How does bankruptcy affect jointly owned real property?
The trustee of a bankrupt estate is entitled to have his or her name entered on the title deed in place of the bankrupt (entering transmission). The trustee will usually invite the co-owner of the property to either buy the bankrupt’s interest or join in selling the property. If the co-owner will not cooperate with the trustee or they cannot agree on a satisfactory arrangement, the trustee can force the sale of joint property by applying for the appointment of a Statutory Trustee over the property.
