Bare Legal Title Concerns

Summary

Bare legal titles involve holding ownership without usage rights, often seen in trusts. In Maine, as tenants in common, your property share may be an asset in bankruptcy. Consult a bankruptcy attorney to explore Oregon exemptions that might protect your interest.

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I have a question about bare legal titles in maine
Hey ****! Bare legal titles refer to holding the legal ownership of a property without having the right to use it. In Maine, this typically involves trusts where the trustee holds the title but doesn't benefit from the property. Do you have a specific concern or situation regarding this?
Yes my mother and I are both on the deed as tenants in common and I need to file bankruptcy but I don't live there
****, since you're considering filing for bankruptcy and you don't live at the property where you and your mother are tenants in common, here's some general info:
- In bankruptcy, your share of the property may be considered an asset.
- Oregon exemptions might protect some or all of your interest.
- Discuss with a bankruptcy attorney how this affects your situation.
Do you want more details on exemptions or need help finding a local lawyer?
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In Oregon, bankruptcy exemptions might protect your interest in the property. Here are some key points:
- Oregon has a homestead exemption that may apply if you own property.
- Tenants in common means you own a portion of the property, which may be considered an asset in bankruptcy.
- Consult with a bankruptcy attorney to understand how exemptions apply to your case.
If you need further assistance, let me know!