Skip to main content

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

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. 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

  2. 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.

  3. 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.

    Disclaimer: This e-mail or other correspondence does NOT create an attorney client relationship. This e-mail or other correspondence represents a general overview of law developments and should not be relied upon without an independent, professional analysis of how any of these provisions may apply to a specific legal situation. Any information contained in this communication was not intended or written to be used, and cannot be used, by the recipient for the purpose of legal advice.

  4. 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.