Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Is there are mortgage on the property?
Is so, is the balance on the mortgage more than the current market value of the property?
Probably about equal right now. The property cost $500,000..worth $300,000..mortgage is $280,000
After deducting the cost to sell the property (5% = $15,000 cost to sell), and after deducting the Bankruptcy trustee's fee (10% = $30,000), that property cannot be sold for a profit.
Therefore, the property would be "abandoned" by the Bankruptcy trustee.
This means you would be allowed to keep it.
I think this is what you wanted to know. If not, please let me know.Thank you.