bankurptcy and EVIL twin! PLEASE HELP!

[bjmbb]

My 2 sisters and I own a home together that my father put in our names years ago. One of my sisters is having terrible financial problems. Late payments,loans etc... I am living in the house taking care of my dad and my sisters live elsewhere. Today my sister let her minor daughter who has no drivers license drive her car. She totaled the car. My sister has been very late in her payments and now feels that she needs to declare bankruptcy. Our home is worth over a million dollars. If she declares bankruptcy will we be able to save the home or will it be foreclosed to pay off her debt and then the rest disrtributed to us. BY the way the home is payed off.

Yes you may be able to but you need to have a meeting with bankruptcy counsel to review your personal details, and state law, as to your options, exempt assets, alternative options etc.

It may be that taking some home equity for a short period is better for example.