How does filing bankruptcy affect the assets you have? 13 Answers as of June 18, 2015

I am just under $15,000 in debt and I know for a fact based on my yearly income I am in need to file for bankruptcy. My family owns property and it was gifted to me but they still pay taxes because they lease the land from me, can my properties be in jeopardy because of my debt?

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Maybe. Meet with a lawyer face to face. Now is not the time to skimp. You do not want to be "penny wise and pound foolish". For example, I charge $150 for a one hour meeting (cash only). I have successfully filed THOUSANDS of bankruptcies, so I know I can answer your questions, and give you some guidance. Any experienced bankruptcy lawyer with a few thousand cases under his or her belt can help you.
Answer Applies to: Colorado
Replied: 6/18/2015
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
All your assets must be disclosed, and the laws of your state or the federal bankruptcy laws will determine what you are permitted to keep and protect from your creditors. If the property you own is not where you live it could well be at risk. With what is at stake, it would be well worth the money to retain an experienced bankruptcy lawyer to advise you.
Answer Applies to: Colorado
Replied: 6/18/2015
Marc S. Stern
Marc S. Stern | Marc S. Stern
Yes. When you file, the property becomes property of the estate. There is a good likelihood that you may use it. This will depend upon state law, whether you can homestead the property and a variety of other issues. Analysis of those issues requires competent bankruptcy counsel.
Answer Applies to: Washington
Replied: 6/18/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to see a lawyer any time you assets like this. every state has different "exemption" statutes. You may find a lawyer at NACBA.org.
Answer Applies to: California
Replied: 6/18/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
State laws called exemptions provide protection for property you own when you file bankruptcy. But not all property is protected in every instances and sometimes, even if the law does provide protection, you may not be eligible for the protection or may have to jump through some hoops to get the protection. What the laws say in black and white may not be how the laws are interpreted in bankruptcy court. It can seem like a game of GOTCHA if you don't know your way around. Do you want to take advice of an experienced attorney or learn the hard way?
Answer Applies to: Nevada
Replied: 6/18/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    The question cannot be answered without more information such as the values of the homes, amounts of any mortgages, your age, marital status, etc. The question is more complicated than can be answered by emails. Set up an initial free consultation.
    Answer Applies to: Michigan
    Replied: 6/18/2015
    Ronald K. Nims LLC | Ronald K. Nims
    Since you're the owner, the trustee could sell the property to pay off your debt. Apparently, your family saved the legal fee of having a trust drawn up in exchange for losing this properties to your creditors. Think of it as the tuition for the school of hard knocks.
    Answer Applies to: Ohio
    Replied: 6/18/2015
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    Please go see a knowledgeable local bankruptcy or debt defense attorney for a consultation. There is no way to answer your question on a list such as this. Many more facts are necessary and you don't want to lose the property if you don't have to.
    Answer Applies to: California
    Replied: 6/18/2015
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    Yes. Probably the first thing creditors look for when trying to decide whether to prosecute collection from a debtor is whether that debtor owns real estate, whether it was gifted to that debtor or however it was acquired. They then can file a lawsuit to get a judgment and record it against the real property, which can then be sold at a Sheriff's sale. It is important that you consult an expert bankruptcy attorney as soon as possible, even if you wait to file for bankruptcy relief until it is the most advantageous time for you to file, which should be the advice of a conscientious attorney.
    Answer Applies to: California
    Replied: 6/18/2015
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    Yes. You need to talk to an attorney.
    Answer Applies to: Alabama
    Replied: 6/18/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    Your property could very well be in jeopardy, especially if you are not able to claim the homestead exemption for it. The bankruptcy trustee could also lay claim to the lease payments you are receiving. If you can't handle your debts, you should consult with an attorney who can help you explore all your options for solving your debt problems. You might try to negotiate a settlement of those debts rather than filing for bankruptcy.
    Answer Applies to: Oregon
    Replied: 6/17/2015
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