Author Topic: Co-owned Foreign Property & Bankruptcy, Debts  (Read 310 times)

JLTinVA

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Co-owned Foreign Property & Bankruptcy, Debts
« on: February 11, 2019, 04:56:05 PM »
My parents co-own property in Canada with my mother's 3 siblings. Each owns 25%, all are US citizens residing in the US. If one of the co-owners declares bankruptcy in the US, could the court force liquidation of the Canadian property or of their share of that property?

Similarly, if one of the co-owners dies with debt (credit card, mortgage, etc.), could this foreign asset be considered to settle those debts?

I'm Googling it, too, but I trust you guys (and some of the legalese out there is just hard to get through). Thanks in advance for any light you can shed on the subject.