Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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It may make a difference, depending on what type of property the bankruptcy debtor owns, and the property exemptions recognized in each state.
Although bankruptcy is generally governed by federal law, property exemptions are generally governed by state law.
Debtor has assests except 60 acres of farm land in IL which is in a trust which states is can only be sold to a sibling.
Debtor has NO assets.
In that case, it may not make too much of a difference, just based on a cursory review of each state's bankruptcy exemptions, particularly where the property in question is not the debtor's homestead (primary place of residence).
Prior to filing, it would be prudent to review everything the debtor has with a bankruptcy attorney (you would be surprised what can be considered an asset that would go in to the bankruptcy estate for distribution by the bankruptcy trustee) in the state in which the bankruptcy will be sought.
In Alabama, the state bar association has a referral service at:
The state bar association in Arizona does not currently operate a referral service, but they do provide information on how to find an attorney in Arizona at:
One thing to keep in mind is that the general rule is that in order to file for bankruptcy in a state, the debtor must have spent a significant majority of their time in that state (such as residing in the state) for at least the 180 days prior to filing.
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Sounds good. Will do.
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