Can I file for bankruptcy on an investment property? 22 Answers as of June 25, 2013

If I have several investment properties, can I just file for bankruptcy on one of them?

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Breckenridge and Walton
Breckenridge and Walton | Alan D. Walton
No. ALL property needs to be included. In order to get relief, you need to give complete disclosure.
Answer Applies to: Michigan
Replied: 6/3/2013
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
No, you have to list all your assets and liabilities.
Answer Applies to: Washington
Replied: 9/21/2011
Heupel Law
Heupel Law | Kevin Heupel
No, bankruptcy covers all debts. However, you can still keep some properties even though you filed.
Answer Applies to: Colorado
Replied: 9/19/2011
Grasso Law Group
Grasso Law Group | Charles Grasso, Esq.
No - you have to include all your assets in your bankruptcy petition. You cannot pick and choose what to include. You would then have to look at whether you could exempt some of your property.
Answer Applies to: California
Replied: 9/15/2011
G. Anthony Yuthas & Assoc.
G. Anthony Yuthas & Assoc. | Tony Yuthas
A bankruptcy requires you to list all of your assets and all of your liabilities. This can be complicated. Discuss this with an attorney.
Answer Applies to: Colorado
Replied: 9/14/2011
    Bankruptcy Law Center
    Bankruptcy Law Center | Bill Zurinskas
    Depends on who owns the properties. If an LLC or Corporation or other legal entity owns only the one problem property, then that entity may file bankruptcy and only the problem property will be affected, but problems may arise if you are jointly liable on the problem property debt. If you own all the investment properties personally, your personal bankruptcy involves ALL your debts and ALL of your property.
    Answer Applies to: Colorado
    Replied: 9/14/2011
    The Morris Law Group
    The Morris Law Group | Geoff Morris
    It sounds like that you have an investment property that is upside down and you want to walk away from it. It also sounds like you have some other properties that might have equity. You are going to need to talk to an attorney in order to determine if bankruptcy is right for you.
    Answer Applies to: California
    Replied: 9/14/2011
    AZ Law Group of Trezza & Associates
    AZ Law Group of Trezza & Associates | Stephen Trezza
    No. All assets and liabilities must be included in a bankruptcy.
    Answer Applies to: Arizona
    Replied: 9/14/2011
    The Law Offices of Katie M. Stone
    The Law Offices of Katie M. Stone | Katie M. Stone
    When you file a bankruptcy, you have to list everyone that you owe money too and all of your assets. Therefore, you would have to list all of your investment properties in your petition. It does not mean that you will lose all of your properties, but you do have to list them. I highly suggest that you speak with an attorney before you file a bankruptcy. If you have properties that have equity or are income producing, you need to make sure they are listed correctly. Also, if you file a chapter 7 and have un-exempt equity in a property, you may lose that property in the bankruptcy. I hope you found this information useful.
    Answer Applies to: Florida
    Replied: 9/14/2011
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    No all assets must be listed in a bankruptcy, however this may not mean you will lose the property.
    Answer Applies to: Michigan
    Replied: 9/14/2011
    Grace Law Offices of John F Geraghty Jr.
    Grace Law Offices of John F Geraghty Jr. | John F. Geraghty, Jr.
    Bankruptcy can save your property that is your home that you occupy only.
    Answer Applies to: Georgia
    Replied: 9/14/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    No, you have to list all of your debts and all of your assets. See a lawyer with bankruptcy experience.
    Answer Applies to: California
    Replied: 9/14/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    Yes, but be careful. If you have equity in any of the properties you intend to keep it could be a problem with exempting it.
    Answer Applies to: California
    Replied: 9/14/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    You file bankruptcy personally to get rid of your personal liability. When you do that, you list ALL your assets and ALL your debts. You cannot leave out things because you want to keep them. That would be bankruptcy fraud. Whether you can keep assets in bankruptcy depends on a number of things, including how much equity there is and what exemptions are applicable to your situation. You should hire a competent attorney to ensure that you are able to protect your interests.
    Answer Applies to: Colorado
    Replied: 9/14/2011
    Law Office of Harry L Styron
    Law Office of Harry L Styron | Harry L Styron
    No. Your petition must list all of your property and all of your debts. To fail to do that deliberately is a federal criminal offense.
    Answer Applies to: California
    Replied: 9/14/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    You must list all debts. If there is any equity in the properties the trustee may sell them to pay creditors.
    Answer Applies to: Virginia
    Replied: 9/14/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    You must list all of your assets and all of your debts in your bankruptcy, period.
    Answer Applies to: California
    Replied: 9/14/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    The question is not clear regarding what you want to do. If your question is whether you want to know if you file for bankruptcy can you keep some properties and surrender others, the answer is, maybe. If the properties are not running a negative cash flow, you should be able to keep them. If, however, they run at a negative cash flow then you cannot keep them.
    Answer Applies to: California
    Replied: 9/14/2011
    Dan Wilson Bankruptcy
    Dan Wilson Bankruptcy | Dan Wilson
    In short, no. You must schedule every debt and every asset.
    Answer Applies to: Colorado
    Replied: 6/25/2013
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    All your assets must be listed in a bankruptcy; you cannot pick and choose or omit assets.
    Answer Applies to: California
    Replied: 9/14/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    If you file bankruptcy, then all your investment properties would be included, BUT you don't necessarily have to lose all the properties. Depending on how you treat the properties and the debts in the bankruptcy, you could still keep some or even all the properties. It is up to you.
    Answer Applies to: Arizona
    Replied: 9/14/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    No. The failure to list all your debts and all your assets not only is not permitted, but it is a criminal offense punishable by up to 5 years in prison, plus fines. However, a good attorney may find ways where, with the right numbers, you could retain some properties in bankruptcy.
    Answer Applies to: Georgia
    Replied: 9/14/2011
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