QUESTION
Can I file for bankruptcy on an investment property?
Asked on Sep 10th, 2011 on Bankruptcy - Georgia
More details to this question:
If I have several investment properties, can I just file for bankruptcy on one of them?
9 ANSWERS
Daniel James Wilson
In short, no. You must schedule every debt and every asset.
Answered on Jun 25th, 2013 at 12:53 AM
No. ALL property needs to be included. In order to get relief, you need to give complete disclosure.
Answered on Jun 03rd, 2013 at 2:28 AM
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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Depends on who owns the properties. If an LLC or Corporation or other legal entity owns only the one problem property, then that entity may file bankruptcy and only the problem property will be affected, but problems may arise if you are jointly liable on the problem property debt. If you own all the investment properties personally, your personal bankruptcy involves ALL your debts and ALL of your property.
Answered on Sep 14th, 2011 at 1:05 PM
No. All assets and liabilities must be included in a bankruptcy.
Answered on Sep 14th, 2011 at 12:07 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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No all assets must be listed in a bankruptcy, however this may not mean you will lose the property.
Answered on Sep 14th, 2011 at 11:39 AM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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You must list all debts. If there is any equity in the properties the trustee may sell them to pay creditors.
Answered on Sep 14th, 2011 at 9:29 AM
Spencer Hale
If you file bankruptcy, then all your investment properties would be included, BUT you don't necessarily have to lose all the properties. Depending on how you treat the properties and the debts in the bankruptcy, you could still keep some or even all the properties. It is up to you.
Answered on Sep 14th, 2011 at 7:44 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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All your assets must be listed in a bankruptcy; you cannot pick and choose or omit assets.
Answered on Sep 14th, 2011 at 7:43 AM
Glen Edward Ashman
No. The failure to list all your debts and all your assets not only is not permitted, but it is a criminal offense punishable by up to 5 years in prison, plus fines. However, a good attorney may find ways where, with the right numbers, you could retain some properties in bankruptcy.
Answered on Sep 14th, 2011 at 7:25 AM