Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Question: “If I own a piece of land outright in another state from where I am filing chapter 7, Is that something I have to dispose of or claim, or just disclose on the filing?”
Answer: Unfortunately, you will definitely have to disclose the fact that you own the property in another state. You would have to do so even if you owned the property in another country. If you refused to disclose all property, then your bankruptcy would be dismissed.
If you attempted to dispose of the property (i.e. sell it, or otherwise get rid of it), then that could also be a reason to dismiss your bankruptcy. The bankruptcy trustee also has the power to reverse any transfer of assets where you did not receive adequate value in exchange within 2 years of filing for bankruptcy.
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