Will we be able to hold onto our land if we file bankruptcy? 3 Answers as of August 26, 2010We are considering filing for bankruptcy, mostly due to credit card debt. We think that bankruptcy is pretty much our only option at this point. My husband owns a fairly substantial piece of land. This land has been paid off in full. Will we be able to hold onto this land if we do go ahead and file for bankruptcy?
Ariano & Reppucci | Chris Ariano
If this land is your primary residence where your house resides. If it is a separate piece of land, it is a nonexempt asset in Chapter 7. In Chapter 13, you would be able to keep it, but would have to pay the value of the land to your unsecured creditors over the course of the plan.
Answer Applies to: Arizona
The Law Office of Mark J. Markus | Mark Markus
The answer depends on the exemption laws of whatever State is applicable to your case. It also depends on the values of your other assets and whether the land is your principal residence or something else. You need to consult with a bankruptcy attorney in the jurisdiction where you live or have your principal assets located.
Answer Applies to: California