Question

Will we be able to hold onto our land if we file bankruptcy?

We 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?
Share |

LawQA.com Answer Library

Answered By: Diefer Law Group, P.C.
That really depends on the value of the land. I cannot answer this questions without knowing the value of the land and all other assets he owns.

Answer Applies to: California
Replied: 8/26/2010

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Ariano & Reppucci
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
Replied: 8/26/2010

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: The Law Office of Mark J. 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
Replied: 8/25/2010

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

More Questions on Bankruptcy


Ask Questions

Ask a local attorney a question for FREE.

Free Answers

FREE answer from a local attorney.

100% Anonymous

Your email is only used to send answers to you.

Ask Your Own Question

Free Legal Questions & Answers

This site is an exclusive listing brought to you by LawQA and is a form of advertisement. To visit the official website of this attorney please click here.