San Francisco, CA asked in Bankruptcy for North Carolina

Q: Do you have to give up land during bankruptcy?

do you have to give up the surrounding land surrounding a home during bankruptcy? and if so, can you give money to a family member to buy the land in an auction?

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1 Lawyer Answer
Kevin W. Chern Esq.
Kevin W. Chern Esq.
Answered
  • Bankruptcy Lawyer
  • Chicago, IL

A: The answer to your first question will depend on a number of factors, including whether the land is a single parcel on which your home stands or separate parcels of land, the equity you have in the property and which type of bankruptcy you're pursuing.

The answer to your second question is a categorical no.

A local bankruptcy lawyer can look at the value of your property, your debts, your other assets and other factors and explain your options so that you can make the right decision for your circumstances and avoid the significant problems (including, perhaps, commission of a crime) that you could easily create for yourself in attempting to find your own workaround in this situation.

*Kevin Chern is Managing Partner of UpRight Law, a national law firm with licensed attorneys providing bankruptcy and consumer legal services in all 50 states. He is an Illinois licensed attorney with 21 years of federal consumer bankruptcy and consumer protection law experience. This response is for informational purposes only and is not intended to be legal advice. For legal advice, consult an attorney licensed in your state with the appropriate expertise.

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