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I am in serious debt. I have 1st and 2nd on the house, a car

Customer Question
payment and various bills. Half...
I am in serious debt. I have 1st and 2nd on the house, a car payment and various bills. Half of income going for child support. Among my assets are a few acres of land I inherited from my father.

The land has value due to gas rights. For that reason I've not field bankruptcy. I'dlike to keep the land for its future value, but I understand the trustee will assess a value to it and the resulting payment would not be feasible.

So the quesiton is, is there any way to protect this land under Chap 13 that won't involve paying a huge paymet due to the value of the gas rights?
Submitted: 7 years ago.Category: Bankruptcy Law
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Answered in 13 minutes by:
10/4/2010
Bankruptcy Lawyer: cfortunato, Attorney replied 7 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

Hi JACustomer,

You know that you can't keep the property if you file. However, you can give it to someone you know, and then wait one year to file.

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
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Customer reply replied 7 years ago
I was told I could keep property but would have to make some payment plan for it? Can you tell me what law outlines my rights if I give it to someone?
Bankruptcy Lawyer: cfortunato, Attorney replied 7 years ago
The Bankruptcy trustee can take back property that is transferred with little or no payment within 2 years (not one year) of filing. Bankruptcy Statute 548. There is no provision to take back property that was transferred more than 2 years before filing.
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cfortunato
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Category: Bankruptcy Law
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