How will my property be affected by bankruptcy? 9 Answers as of August 20, 2015

I live in one state and own an investment property in another state. If I file personal bankruptcy how does that affect my property?

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I have about fifty questions for you (or more) before I can render any meaningful advice. I charge $150 for a one hour visit, since you own a rental property.
Answer Applies to: Colorado
Replied: 8/20/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to consult with local counsel. There are many strategies for dealing with assets. It depends on your state exemptions and what your property is worth. All property must be listed, no matter where it is located.
Answer Applies to: California
Replied: 8/19/2015
Freeman Law Group, LLC
Freeman Law Group, LLC | Derek Freeman
The answer to this question will depend on whether you are filing a chapter 7 or a chapter 13, and will depend on where you live. In a chapter 13, you may be able to keep an investment property, as long as the net income from the property is minimal. If you're raking in money hand over foot, you will not be allowed to keep the property to the detriment of your creditors. For a chapter 7, some states may allow you to exempt an investment property through a wild card exemption. Not all states allow you to claim a wild card exemption, and the amount you can exempt through a wild card will vary state be state.
Answer Applies to: Colorado
Replied: 8/19/2015
Stephens Gourley & Bywater | David A. Stephens
In a chapter 7 if the investment property is not exempt, the trustee may take it.
Answer Applies to: Nevada
Replied: 8/18/2015
Novakov & Associates, PLLC
Novakov & Associates, PLLC | LINDA S. NOVAKOV
You must list everything you own - no matter where it is located. You must list everyone you owe - no matter who they are or where they are located. If you have equity in the property and are not able to exempt the equity, the court will determine whether you have to relinquish it, can keep it, or if it should be sold or appraised to determine the true value.
Answer Applies to: Kentucky
Replied: 8/18/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If there is no equity then it will make no difference.
    Answer Applies to: New York
    Replied: 8/18/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    If the sale of this investment property would produce a profit, expect the bankruptcy trustee to sell the property and use the proceeds to pay your debts. If the property is currently producing any income, even if there is nothing left after expenses of ownership, expect the bankruptcy trustee to take the income from the property and use it to pay your debts.
    Answer Applies to: Nevada
    Replied: 8/18/2015
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Only some f the property might be exempt - you really need a Lawyer to help you file.
    Answer Applies to: New York
    Replied: 8/18/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    There are many questions to be answered part of the time a firm opinion could be formed. Generally all of your property is available to seek to satisfy your creditors if you seek the protection of the bankruptcy court. That said, there are various exemptions and exceptions which, without the facts, cannot be commented upon here. You should see a bankruptcy practitioner prior to the time you take any irreversible action.
    Answer Applies to: Michigan
    Replied: 8/18/2015
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