Am I required to list out of state property as an asset?

Asked almost 4 years ago - Cocoa, FL

I plan on filing bankruptcy in Florida for a number of reasons beyond my control. I own land in North Carolina which I have listed with a realtor and have been trying to sell - no luck, nothings moving. Am I required to list this jointly-owned property as an asset? I am filing, but my husband is not.

Attorney answers (4)

  1. Joseph William Lehn

    Contributor Level 7

    Answered . All property must be disclosed on a bankruptcy petition. We always inform our clients that when they attend the 341 meeting of the creditors and they are placed under oath and their answers to the trustee's questions are recorded and they do face perjury charges for failing to disclose ALL property of the debtor.

  2. Mark Markus

    Contributor Level 16

    Answered . Absolutely, yes. Failure to list all your assets and all your debts is bankruptcy fraud, prosecuted by the FBI, for which there are substantial non-dischargeable fines, possible jail time, and loss of your bankruptcy discharge.

    Mark J. Markus, Attorney at Law
    http://www.bklaw.com/

  3. Andrew Daniel Myers

    Contributor Level 20

    Answered . Yes. All property in which you have an interest, regardless of the location of the property, must be listed. People with property in Europe and elsewhere must list this on their bankruptcy schedules.

    Bankruptcy requires review of your entire financial situation including all debts, income and assets. I highly recommend that you retain an experienced bankruptcy attorney in your jurisdiction to guide you through the complexities of bankruptcy law and procedure.

    If you find my answer helpful, please click the ‘thumbs-up’ tab below. Thank you.

    This answer is provided for informational purposes only. Actual legal advice can only be provided in an office consultation by an attorney licensed in your jurisdiction, with experience in the area of law in which your concern lies.

    http://bankruptcyattorneynh.com/Bankruptcy.asp

  4. Jason Lee James

    Contributor Level 10

    Answered . Yes, and failure to do so could lead to the dismissal of your case, fines or even jail time. During the 341 meeting the Trustee will ask if you have listed ALL of your assets. That includes assets that are out of state. If your goal is to save all of this property you may want to consider doing the Chapter 13.

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