I own property in another state with other family members. If I file bankruptcy in MA, will this property be a consideration

If you're considering bankruptcy, it is important to remember that all property that you have an interest in must be accounted for and scheduled. But there are exemptions that may be available to keep the property from the reach of creditors. Whether those exemptions will work for you - or depending on the unique circumstances of your case - whether they will even matter is a determination that should be made by a bankruptcy attorney who can best guide you.

Whatever you do, I strongly recommend that you not transfer the property to your other family members - that's not likely to help you. As a matter of fact, it could make your present situation far, far worse.

Good luck,

Bill McLeod
McLeod Law Offices, PC

The short answer is yes, all of your property regardless of state will be considered in a Bankruptcy. However, it depends on how much equity you personally have in the property. If the equity is low enough, it may all be covered by an exemption and the bankruptcy trustee could not touch.

You can call your bank for the amount currently owed on the property and obtain a recent appraisal to determine just how much equity you have and need to protect.

Kara O'Donnell, Esq.
Law Office of Kara O'Donnell
Quincy MA
www.QuincyLegal.com