This week, we touch on bankruptcy matters, whereby this involves two homeowners, with one being sued by creditors on the verge of being a bankrupt while the other owner is fine, but has a concern regarding her share of the property. So this question of the week is: “Will creditors have the chance to go after my share even though I’m not the bankrupt party?”

“My spouse is bankrupt, but I am not, If I sell the property will the creditors go after my share too?”

PropertyWiki of the WeekThis week, we touch on bankruptcy matters, whereby this involves two homeowners, with one being sued by creditors on the verge of being a bankrupt while the other owner is fine, but has a concern regarding her share of the property. So this question of the week is: “Will creditors have the chance to go after my share even though I’m not the bankrupt party?”

Answer: It’s only the % share of the property that the bankrupted party that the creditors will be going after, but they have no entitlement over the non-bankrupted party. Phew!

PropertyWiki Tip: Law firms would usually conduct a bankruptcy search on the vendor (Seller as we call it), to protect the Purchaser’s interest. Hence, in situations whereby the seller(s) is/are bankrupt, an Official Assignee’s (OA) consent is required before the property can be approved to be sold.

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