How will out of state property be affect by a bankruptcy? 13 Answers as of March 25, 2011

I own out of state investment property. If I file for personal bankruptcy, how will this out of state property be affected?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
The same way is in state property. All property worldwide is property of the bankruptcy estate.
Answer Applies to: California
Replied: 3/25/2011
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
You must list ANY and ALL property you own anywhere in the US, or in the world, in the bankruptcy petition. If there is equity in the property, this will have an impact on whether to file bankruptcy, what chapter of bankruptcy to file, and how much must be paid to the creditors. Your entire financial picture must be analyzed in detail by a bankruptcy attorney before specific advice can be given.
Answer Applies to: Illinois
Replied: 3/17/2011
Law Office of Harry L Styron
Law Office of Harry L Styron | Harry L Styron
It will be a potential asset of the bankruptcy estate. If you file Chapter 7, then the trustee will sell it and pay the creditors the proceeds. If you file a Chapter 13, then you will retain it if you complete your plan.
Answer Applies to: California
Replied: 3/17/2011
Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
all property that you own is part of your bankruptcy estate, doesn't matter where it is located
Answer Applies to: South Dakota
Replied: 3/17/2011
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
Anything and everything in which you have an interest will be part of your bankruptcy and subject to the applicable exemptions and exceptions.
Answer Applies to: Indiana
Replied: 3/16/2011
    The Law offices of Cheryl L. Sommers
    The Law offices of Cheryl L. Sommers | Cheryl L. Sommers
    You must claim all of your assets on your schedules regardless of what state they are in. Bankruptcy is authorized byfederal statute.
    Answer Applies to: California
    Replied: 3/16/2011
    William C. Gosnell, Attorney at Law
    William C. Gosnell, Attorney at Law | William C. Gosnell
    You will lose this property.
    Answer Applies to: Tennessee
    Replied: 3/16/2011
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    It has to be listed in bankruptcy. Sit down with a bankruptcy attorney.
    Answer Applies to: Alabama
    Replied: 3/16/2011
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    When you file for bankruptcy protection, you must disclose all your debts as well as all your assets regardless of where in the world they are located. Of course, if a piece of property has a loan against it, all you need protect is the equity you have in it. There are other practical considerations that must be explored in a consultation. Feel free to contact us for a free initial consultation.
    Answer Applies to: California
    Replied: 3/16/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    Just like any other asset would. It depends on its value (equity) and the amount of exemptions you have under applicable law in your case to protect your interest in that property. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.

    Also, if you are receiving income from that property, it also factors into your eligibility to file bankruptcy.
    Answer Applies to: California
    Replied: 3/16/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Well, the fact that it is out-of-state property doesn't change that it is just that - property. Property that you own. In other words, property of the bankruptcy estate. Therefore, to the extent that it is, or more importantly is not exempt, it could be subject to liquidation by the bankruptcy trustee. The appropriate questions are what is it, and how much is it worth?
    Answer Applies to: California
    Replied: 3/15/2011
    The Law Office of John T. MacDonald Jr., PLLC
    The Law Office of John T. MacDonald Jr., PLLC | John MacDonald Jr.
    When you file for bankruptcy you will have to disclose that you own the property out of state. It will be up to the trustee to decide how to deal with it.
    Answer Applies to: Michigan
    Replied: 3/16/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    So long as the Bankruptcy court you file in has jurisdiction over the property (which they likely do), then it will be handled like any other property. If you are looking for assistance with your bankruptcy case, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 3/15/2011
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