What happens if you declare bankruptcy and have property abroad? 6 Answers as of October 27, 2010

I am going to file for Chapter 7 bankruptcy and I have property abroad that I want to keep. Will I have to give it up?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
When you file bankruptcy, you need to list all of your assets. This includes property owned that is in other countries.

Whether or not you keep said property depends on whether or not there is an available exemption to cover said property and on what Chapter of bankruptcy you file. Please call me to apply the law to the facts of your case.
Answer Applies to: California
Replied: 10/27/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
That depends on the value of the property, the amount of any liens against it, and the value of all your other assets, and what exemptions you have under applicable state or federal law to protect those assets.
Answer Applies to: California
Replied: 10/26/2010
Diana K. Zilko, Attorney at Law
Diana K. Zilko, Attorney at Law | Diana K. Zilko
You must state all property that you have an interest in. However, you are also allowed "exemptions" that are usually sufficient to keep most property you have. If you have an attorney, you will want to discuss this. If you don't, you might want to consider having one help you.
Answer Applies to: California
Replied: 10/26/2010
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
The answer to this question depends on many factors; is there equity? Which chapter will you be filing under? etc. Consult with your local bankruptcy attorney for a more specific answer.
Answer Applies to: California
Replied: 10/26/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
We do not have jurisdiction over other countries but they can deny you a discharge if the value exceeds what you can protect.
Answer Applies to: California
Replied: 10/25/2010
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