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Can you file bankruptcy to run from debts if you own real estate?
If you have a guy who owes you and several other people money and you suspect the guy doesn't have the liquid assets to pay but he does own large real estate assets, is there any way you can prevent him from filing bankruptcy since he has the assets to pay you he isn't bankrupt but I know people hide in bankruptcy to avoid responsibility. And can he declare bankruptcy and protect the real estate from being gotten to pay off his debts? Anybody know anything about this sort of thing, I'd appreciate some input. Please don't refer me to an attorney. It's a holiday and they're not open and I'm anxious for any/some kind of information. Thanks!
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Hello Wallabee
The bankruptcy laws have changed and it is harder to file now than ever before,The person filing would have to take a means test to see if they qualify for chapter 7 or chapter 13. They would have to list all assets and if they are caught lying or not listing those assets then they would be in serious trouble with the bankruptcy court. Now with that being said most states allow exemptions for their home , I think maybe the debt expert on here would be better able to answer your question |
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