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    memories's Avatar
    memories Posts: 5, Reputation: 1
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    #1

    Oct 3, 2009, 06:43 AM
    Bankruptcy-land taken
    My husband owes land that was left to him,will it be taken if we file bankruptcy?
    DownUnder's Avatar
    DownUnder Posts: 492, Reputation: 24
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    #2

    Oct 3, 2009, 12:52 PM

    Are you filing chapter 7 or 13?
    memories's Avatar
    memories Posts: 5, Reputation: 1
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    #3

    Oct 4, 2009, 12:08 PM
    What's the out come for chapter7 or 13
    memories's Avatar
    memories Posts: 5, Reputation: 1
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    #4

    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's Avatar
    DownUnder Posts: 492, Reputation: 24
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    #5

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    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
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