Q: Would partial ownership of property in New York be an asset in a Arizona bankruptcy proceeding?
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A:
If you file for bankruptcy in Arizona, you must list all of your assets, regardless of their location. This includes any partial ownership of property in New York. The bankruptcy court will review all of your assets to determine how they can be used to repay your debts.
Depending on the type of bankruptcy you file, this property might be subject to liquidation or it may affect your repayment plan. It’s important to be thorough and accurate when listing your assets because failing to do so could have legal consequences.
You should consult with an attorney who can help you navigate the bankruptcy process and advise you on how your specific assets will be treated.
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