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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 35406
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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I live in ca and own wonderful vacant land in az BUL/YUCCA

Customer Question

i live in ca and own wonderful vacant land in az BUL/YUCCA area is there any protection in light of a bankrupcy
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.
Good afternoon,I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. Your vacant land, to the extent that it has value is deemed an asset. It is unlikely that you could protect it in chapter 7, but in chapter 13 bankruptcy it is possible. However, your payment to the creditors would be increased by the value of the property you seek to keep, which would make your monthly payments in bankruptcy higher. You would in effect be paying full price again for the option of keeping the property. You would be better off selling the property to a familiarly member or friend for fair market value and then have them hold it for you so you could buy it back after you emerge from bankruptcy. You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.Please remember to rate my service to you so that I can be compensated for helping you.I wish you and yours the best in 2015,Doug