What happens if say three people are on title as joint tenants and one person on title is being chased down by debt collectors? Or put into bankruptcy.
Are the other two people on title at risk of having the property sold?
The joint tenancy will be severed and they 3 will be equal owners as tenants in common. The trustee will then want his share of the property - so the other will need to buy him out or the property will be sold.
I should also point out the dangers here. If either of the other 2 joint tenants where to die...unexpectantly before the 3rd is bankrupt the 3rd will have his share increased to 50% - which means he will lose more.
