Heres my problem, My parents bout some property for a recreational purpose(Cabin). And put the property in their name but also in Me and my brother name. so they buoght it in the mid 80's and have it paid off and everything but then recently my brother filed for bankruptcy and now we are being forced to sell it so the bankruptcy court can get their money. since its not all in his name can they do this? and if it doesnt sell within a short amount of time are they allowed to auction it off or anything like that even though theres 3 other people who own the property?

Simple answer, Yes.

Property dispursement laws as it relates to bankruptcy vary state to state. The bankruptcy court sees it as an asset they can liquidate to satisfy his creditors. How much he owns of that property and it's worth is in question.

If they brother wasn't stupid he just would have quit claimed his interest to his family awhile back knowing he was filing BK.

You 3 need to get an attorney for guidance in how to protect your interest in the property. Alot will depend on how title is taken. If he only has a certain percentage then he dows not own the whole property. Still in a down market if it sold and the proceeds split 4 ways it still affects ya'll negatively simply because you could hold and sell for more when the market recovers.

This is what we call in the real estate business a big COWPIE.

Get an attorney today!

No legal advice.