wisconsin bankruptcy exemptions
Bankruptcy: Creditor acquires 1/7th of a property.?
Parents gifted their home equally to each of 7 children. What happens if a creditor acquires a 1/7th ownership in the house after a child files bankruptcy in Wisconsin (assuming that the child is unable to protect that ownership as an exemption)? Can the creditor force the sale of the house with only 1/7th ownership? If the ownership were sold by the trustee, would the fair market value of 1/7th of a house really be 1/7th of the appraised value of it?
everyone involved loses 1/7th
