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memories
Oct 3, 2009, 06:43 AM
My husband owes land that was left to him,will it be taken if we file bankruptcy?

DownUnder
Oct 3, 2009, 12:52 PM
Are you filing chapter 7 or 13?

memories
Oct 4, 2009, 12:08 PM
What's the out come for chapter7 or 13

memories
Oct 4, 2009, 12:11 PM
What if husband owns land but not me,my name is not on it,can thy take it for my debt?

DownUnder
Oct 4, 2009, 01:02 PM
If you file bankruptcy you have to take a means test to see if you can file 7 or 13
The bk laws changed and it is harder now to file.
Chapter 7 wipes clean with the exception of student loans etc, A chapter 13 is a repayment plan. A lawyer should be able to advise you

Fr_Chuck
Oct 4, 2009, 01:15 PM
The value of the land will be considered when looking at even if you can file bankruptcy, or if they court would expect it to be sold to pay for part of the debt.

After that there are exemptions allowed for real estate that you are allowed to keep, depending on the value.

So can he keep the land, maybe, perhaps, depends, without knowing a lot more details that is as close as we can get.

You and he need to sit down with an attorney and review all of the property you own, and all of your debts to see if you even qualify and what can happen