As most attorneys know, spouses that own real property as tenants by the entirety (“TBE”) enjoy protections not provided to other types of ownership interests. TBE arises when real property owned as husband and wife. In New York, TBE protects real property from being used to satisfy the debt of only one of the owner-spouses. In other words, if only one of the owner-spouses is obligated on a debt, a creditor cannot force a sale of the entire real property to satisfy the debt because only one of the owner-spouses is obligated on the debt. Real property owned jointly (rights of survivorship) or in common (no survivorship) does not receive the same protection and is subject to sale or partition.
Author: Spiros Avramidis
As most attorneys know, spouses that own real property as tenants by the entirety (“TBE”) enjoy protections not provided to other types of ownership interests. TBE arises when real property owned as husband and wife. In New York, TBE protects real property from being used to satisfy the debt of only one of the owner-spouses. In other words, if only one of the owner-spouses is obligated on a debt, a creditor cannot force a sale of the entire real property to satisfy the debt because only one of the owner-spouses is obligated on the debt. Real property owned jointly (rights of survivorship) or in common (no survivorship) does not receive the same protection and is subject to sale or partition.
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Author: Andrew M. Thaler
Upon the filing of a chapter 7 bankruptcy petition, a bankruptcy estate is created which encompasses virtually all property of the debtor. The trustee will administer and/or sell the debtor’s property and interests for payment of creditors’ claims. An existing personal injury action is property of the estate. If the action has sufficient value to make a meaningful distribution to creditors, the trustee will administer it. A cause of action not yet in suit is also property of the estate. For example, a potential recovery based on a car accident that has not gone to suit is property of the estate. |
AuthorsThis blog is maintained by: Spiros Avramidis
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