If your properties have no equity, you will be able to keep them if you file a Bankruptcy.
Please let me know if there is anything else you want to know.
You would be able to keep the properties with no equity in a Chapter 7 or a Chapter 13. However, the property worth $110K would not be exempt.
In a Chapter 7 the trustee can force the sale of the $110K property, and take your share (1/3) of the equity to pay creditors. If your wife will also be filing, the trustee can take her share also.
In a Chapter 13, you would be able to keep the inheritance property if you are able to pay the value of your share - and your wife's share if she files also - of the property over the course of the Chapter 13 period.
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