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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  JD, MBA
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If I own a piece of land outright in another state from where

Resolved 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?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 8 years ago.

Hello and thank you for allowing me the opportunity to assist you.

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.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

 

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