How will out of state property be affect by a bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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How will out of state property be affect by a bankruptcy?

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

Law Offices of Michael J. Berger
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The same way is in state property. All property worldwide is property of the bankruptcy estate.

Answer Applies to: California
Replied: 3/24/2011

Answer By Tony Mankus
Mankus & Marchan, LTD
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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: 3/16/2011

Answer By Harry L Styron
Law Office of Harry L Styron
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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: 3/16/2011

Answer By Gus Johnson
Gus Johnson Attorney at Law
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all property that you own is part of your bankruptcy estate, doesn't matter where it is located

Answer Applies to: South Dakota
Replied: 3/16/2011

Answer By Eric Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis
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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: 3/15/2011

The Law offices of Cheryl L. Sommers
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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: 3/15/2011

William C. Gosnell, Attorney at Law
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You will lose this property.

Answer Applies to: Tennessee
Replied: 3/15/2011

Ferguson & Ferguson
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It has to be listed in bankruptcy. Sit down with a bankruptcy attorney.


Answer Applies to: Alabama
Replied: 3/15/2011

The Orantes Law Firm
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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: 3/15/2011

Answer By Mark Markus
The Law Office of Mark J. Markus
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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: 3/15/2011

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