How would my assets be affect by bankruptcy? 7 Answers as of August 11, 2015

I inherited a home 3 years ago, not primary residence obviously not protected under homestead act but is free and clear. How will this ownership be effected if I file bankruptcy in different county -I am current on my mortgage/2nd and car and all are judgement and garnishment issues and no credit card debt currently. How about taxes from 3 years ago?

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
If you are filing a chapter 7 then the trustee will seize the house you inherited.
Answer Applies to: New York
Replied: 8/11/2015
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I would need a lot more information to render useable legal advice. I am assuming the home inherited has value. There is no protection for a home you do not live in. You may want to consider negotiating with your creditors for a reduced amount. Use the home as collateral for a loan to pay off your creditors (the reduced amount). Because you have so much at stake, my recommendation would be for you to meet with a lawyer face to face. Any lawyer worth their salt is going to charge you for the meeting. Now is not the time to skimp! Good luck.
Answer Applies to: Colorado
Replied: 8/10/2015
Ronald K. Nims LLC | Ronald K. Nims
A home not protected under the homestead exemption will be an asset which can be sold to pay your creditors. Bankruptcy is filed in Federal court, not state court, so filing is a matter of the district (for example Ohio has two districts - northern and southern). For most people, you are required to file in the district where you live (some people - for example a person who working is Louisville Ky and lives across the Ohio river in Indiana can chose to file in one or the other). Taxes from three years ago may be dischargeable, depends on the circumstances.
Answer Applies to: Ohio
Replied: 8/6/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
I am not licensed to practice law in another country so I cannot offer you any opinion about what would happen if you filed bankruptcy in this other country. I can tell you if you filed bankruptcy in the states that your bankruptcy trustee would sell the property and use the proceeds to pay your debts.
Answer Applies to: Nevada
Replied: 8/6/2015
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
It sounds like you would lose the house if you file bankruptcy. Please go see a knowledgeable local bankruptcy attorney who can advise you on your options.
Answer Applies to: California
Replied: 8/6/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    First things first: you really should retain an experienced BR lawyer to advise and represent you. Your case is not typical, and a good lawyer is almost always worth the investment. If you are entitled to use the federal exemptions, and you are not exempting a homestead, you could use your 'wild card' to exempt up to nearly $13,000 of equity in the inherited real estate. Or you could take some and sell the property and invest the proceeds in one or another exempt asset (such as a pension plan or some annuities). Then you might wait a reasonable time and file. THIS IS NOT SPECIFIC LEGAL ADVICE. you must discuss all this with a lawyer who represents only your interests and has the time to go into a multitude of details.
    Answer Applies to: Wisconsin
    Replied: 8/6/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    I do not know what state your are but it appears the home you inherited is a non-exempt asset. You need to speak to competent local counsel. Whatever you do, do not transfer it to someone else. That will create huge problems for you.
    Answer Applies to: California
    Replied: 8/6/2015
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