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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2832
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My friend, a US citizen, owns an inherited home abroad, at

Customer Question

My friend, a US citizen, owns an inherited home abroad, at the same time she is contemplating chapter 7 bankruptcy in the US. Our question is: is there a way to protect her asset abroad? Do the collection agencies have the practice of searching for assets abroad?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

Unfortunately, the bankruptcy trustee steps into the debtor's shoes and can liquidate any assets that would not be exempted in her case.

Terry L. :

The collection companies usually don't go to the effort to search, and file a case in that country to attach a lien, but they always could.

Terry L. :

The trustee has different powers though, and can liquidate it, or force her into a chapter 13 if the assets are not exempted.

Terry L. :

thank you for your question,m good luck.