How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask JoeLawyer Your Own Question

JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience:  Attorney in the practice of Bankruptcy Law since 1996
2990824
Type Your Bankruptcy Law Question Here...
JoeLawyer is online now
A new question is answered every 9 seconds

We cannot afford the payments on our property in florida and

Customer Question

We cannot afford the payments on our property in florida and cant sell it because of its devaluation. we are canadians living in canada. What can we do? If we declare bankruptcy will we lose our canadian assets?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  retireddebra replied 5 years ago.
Do you not have enough equity in it to cover the mortgage?
Customer: replied 5 years ago.
We owe $460k and it is worth approx $250k .We put all our retirement savings into it in 2005 and paid $500k (appraised at $525k).We sold our investment property in canada and took out a negative mortgage . We now owe $75K more than we did when we bought it in 2005 . We have made some bad decisions and would love to find a way for this nightmare to end as it worsens daily. We cant seem to get rentals any more.
Expert:  retireddebra replied 5 years ago.
You know, I am not that sure about US bankruptcy laws and so I realize that I better transfer this question to a US law expert.

I will do so now and then let an expert who is online know so your question is picked up quickly.

I am sorry this has happened to you and I hope you can work things out.
Customer: replied 5 years ago.
thank you Debra
unfortunately I have to leave at 7:30 for 2 hours . i understand i can pick up the conversation when i return . Is that correct?
my email isXXX@XXXXXX.XXX

Randy
Expert:  retireddebra replied 5 years ago.
An expert will write you back and you can post back again when you have time.

I was rushing and provided this as an answer and not as in Information Request as I wanted you to get the response before you left.

Do NOT accept it even though you may get a prompt to and later when you accept the answer be sure it's for the US expert's answer and not mine.

Edited by debra thal on 11/6/2009 at 12:13 AM EST
Customer: replied 5 years ago.
Hello
Are you the us expert ?



Customer: replied 5 years ago.
I seem to be talking to myself . Is Debra online to put me back on track?
Expert:  JoeLawyer replied 5 years ago.
Hi Mary:

I think we have put the cart before the horse. Before talking about what options you have, you first need to figure out what jurisdiction (U.S. or Canada) will apply since what happens if you file bankruptcy in Canada may differ from what will happen if you file bankruptcy in the U.S.

First of all, you can only file bankruptcy in the United States if you reside or have a domicile, a place of business, or property in the United States, pursuant to 11 U.S.C. 109, HERE. If you do not meet any of these criteria, you will have to file bankruptcy in Canada.

Since you have real estate in Florida, I assume you would qualify to file bankruptcy in the U.S. in the district in Florida in which your real estate is located.

However, since you live in Canada you probably also qualify to file there.

So, you may need to talk to Debra again to see what will happen if you file in Canada, so you can compare and contrast that result with what will happen if you file in the U.S. so you can choose the lesser of two evils.

If you file in the U.S., you will probably have to file in Florida since 28 U.S.C. 1408, HERE, probably compels a Florida filing.

When you file bankruptcy in Florida, you are only allowed to protect assets which the State of Florida deems exempt, HERE, and any other assets (even those in Canada) can be sold by the trustee to pay creditors.

So, you may want to contact some attorneys in the area of your real estate in Florida to see what costs are involved, and take note of how much property you get to protect under Florida's exemption laws.

Then, contact an attorney in Canada and see what costs are involved, and take note of how much property you can keep if you file in Canada.

Then, like I said - select the lesser of two evils.

One glitchy thing to know about is some States won't let a person use that State's exemptions unless that person is a resident. I haven't found this language in the Florida statutes, but that doesn't mean it's not there somewhere... So, when you talk to an attorney in Florida to get a price quote, ask them if Florida's exemptions will apply even though you are not a Florida resident.

Thanks,
Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
JoeLawyer and other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 
Chat Now With A Bankruptcy Lawyer
JoeLawyer
JoeLawyer
Attorney
376 Satisfied Customers
Attorney in the practice of Bankruptcy Law since 1996