Q: I own some property upstate - would I have to sell it before I could declare bankruptcy?
A: it Depends if there is equity in it and how much and what you plan to do with that money once you sell it.
Jonathan David Warner agrees with this answer
A: No, but you need to consider how much equity is in the property before you make a decision.
Jonathan David Warner agrees with this answer
A: As people have said, it depends on the value and equity of the property, and what else you have.
Jonathan David Warner agrees with this answer
A:
It may be best to sell it after you have filed for Bankruptcy. Selling it shortly beforehand could trigger an inquiry from the Court. Assuming that the proceeds are exempt under either State or Federal statute, there's no reason that it'd be too cumbersome to file a Motion to Sell Real Property. If the proceeds are not exempt, there's no point in trying to evade the Court's jurisdiction by sneaking in a sale shortly before your case starts - the Bankruptcy Court actually has the right to void the sale or deny your case if it finds that you attempted to transfer assets in an attempt to evade creditors.
Your best bet is to consult with an attorney prior to filing your case. Good luck!
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