Can I file for bankruptcy on an investment property? - Bankruptcy Law Questions and Answers- LawQA.com

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Can I file for bankruptcy on an investment property?

If I have several investment properties, can I just file for bankruptcy on one of them?

Answer By Alan D. Walton
Breckenridge and Walton
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No. ALL property needs to be included. In order to get relief, you need to give complete disclosure.

Answer Applies to: Michigan
Replied: 9/27/2011

Mercado & Hartung, PLLC
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No, you have to list all your assets and liabilities.

Answer Applies to: Washington
Replied: 9/21/2011

Answer By Kevin Heupel
Heupel Law
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No, bankruptcy covers all debts. However, you can still keep some properties even though you filed.

Answer Applies to: Colorado
Replied: 9/16/2011

Grasso Law Group
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No - you have to include all your assets in your bankruptcy petition. You cannot pick and choose what to include. You would then have to look at whether you could exempt some of your property.

Answer Applies to: California
Replied: 9/14/2011

Answer By Tony Yuthas
G. Anthony Yuthas & Assoc.
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A bankruptcy requires you to list all of your assets and all of your liabilities. This can be complicated. Discuss this with an attorney.

Answer Applies to: Colorado
Replied: 9/14/2011

Answer By Bill Zurinskas
Bankruptcy Law Center
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Depends on who owns the properties. If an LLC or Corporation or other legal entity owns only the one problem property, then that entity may file bankruptcy and only the problem property will be affected, but problems may arise if you are jointly liable on the problem property debt. If you own all the investment properties personally, your personal bankruptcy involves ALL your debts and ALL of your property.

Answer Applies to: Colorado
Replied: 9/14/2011

Answer By Geoff Morris
The Morris Law Group
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It sounds like that you have an investment property that is upside down and you want to walk away from it. It also sounds like you have some other properties that might have equity. You are going to need to talk to an attorney in order to determine if bankruptcy is right for you.

Answer Applies to: California
Replied: 9/14/2011

Answer By Stephen Trezza
AZ Law Group of Trezza & Associates
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No. All assets and liabilities must be included in a bankruptcy.

Answer Applies to: Arizona
Replied: 9/13/2011

Answer By Katie M. Stone
The Law Offices of Katie M. Stone
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When you file a bankruptcy, you have to list everyone that you owe money too and all of your assets. Therefore, you would have to list all of your investment properties in your petition. It does not mean that you will lose all of your properties, but you do have to list them. I highly suggest that you speak with an attorney before you file a bankruptcy. If you have properties that have equity or are income producing, you need to make sure they are listed correctly. Also, if you file a chapter 7 and have un-exempt equity in a property, you may lose that property in the bankruptcy. I hope you found this information useful.

Answer Applies to: Florida
Replied: 9/13/2011

Charles Schneider, P.C.
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No all assets must be listed in a bankruptcy, however this may not mean you will lose the property.

Answer Applies to: Michigan
Replied: 9/13/2011

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