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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Refering to the question about owning land in another state,

Resolved Question:

Refering to the question about owning land in another state, does that apply to owning a Time share also? If so, Is it better to do a Chapter 13 where my assets will be much higher. Approx. 50k tax value and probably 80k appraised value with an income level at barely 10k net and and debt at around 295k.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
Hello,

I am unable to locate your other post. Please tell me what it said.
Customer: replied 8 years ago.
Hi There,
Thankyou for getting back to me. My original question was , if I'm filing chapter 7, do I need to disclose a piece of land that I own outright in another state or would anyone even look for it.

Thanks,
Customer
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question. I am happy to assist you.


I cannot say what the chances are of being discovered if you omit the property. However, if you are caught the penalty is quite severe.

You are required to list all assets and debts in your bankruptcy petition. You are signing the petition under penalty of perjury. When you go to the 341 hearing, the trustee will ask you again under penalty of perjury whether your schedules are true and correct and whether you listed all your assets and debts.


If you omit the property and it is later discovered, you can be charged with bankruptcy fraud, fined and/or imprisoned. Additionally your discharge of all of your debts could be denied.

I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
Customer/span>



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

Customer: replied 8 years ago.
Thank you . So, chances are, this would disqualify me for ch 7. Is it worthwhile filing ch 13 and do they base the monthly payments on current income and/or so many cents on the dollar owed? I'm really new at this. Never had to consider anything like this before.
Thanks again

Customer
Expert:  Ellen replied 8 years ago.
Hello,


The effect on a Chapter 7 would be determined by the value of the property. If the property is not something that is important to you to keep, you could surrender it in a Ch 7. Alternatively, you could file a Ch 13 and pay your creditors over a 3 - 5 year period.

I hope that this helps.


Thank you,
Customer/span>



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE



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