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Answer: It depends on the value of the property. The bankruptcy trustee must turn the bankrupt's one third interest in the property into cash, so the other two parties could conceivably buy out the bankrupt and keep the property. To start, and appraisal should be done on the property, and the mortgage balance confirmed, and from there the bankruptcy trustee can advise you on the next steps.
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posted by Questions @ 9:51 PM
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