Bankruptcy is a difficult decision that should only be considered as a last resort and, in the case of tenants in common, it can have an effect other people as well.
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Tenants in common is a way for multiple people to be owners of a single deed. For example, if four people wanted to move into a single home and share ownership,they could become tenants in common and either two, three or all four can be on the deed.
If one of the tenants in common files for bankruptcy protection, all of his assets will be evaluated by the courts to repay debts, including the home. Many states allow for property exemptions, and the courts may conclude the home is exempt.
If the home is not considered exempt, then the courts can force the sale of the home and seize the bankruptcy filer's share. Most likely, the court will offer the other tenants in common the opportunity to purchase the filer's share prior to selling the home.
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