Filing Bankruptcy with land?

What is the name of your state?
Texas

Is it at all possible to file bankruptcy while owning land? Bills are getting too much for me and it will take too long to sell the land in order to file. Are there any other options?


Thanks in advance,
Amber

[ihatearizona]

Is the land in ADDITION to the home you live in?

yes it is in addition to my home.

[AttorneyOney]

It's possible for anyone, including Donald Trump, to file for bankruptcy regardless of what they own. State exemption laws vary widely, however, and you can only get reliable and up-to-date advice about them by consulting a local bankruptcy attorney. Generally speaking, state homestead laws (and the federal homestead exemption) protect only a debtor's principal residence. People sometimes file for bankruptcy even knowing that some of their valuable property will not be exempt and will be sold by the trustee to benefit their creditors. What they gain is a more orderly and peaceful liquidation of their debts. It's far too easy for a pro-se filer to lose the benefit of available exemptions through lack of good planning, so anyone who has valuable property and is contemplating bankruptcy should always consult a bankruptcy attorney.

I had heard from a few different people that I can't file for bankruptcy while i own land. And then..if I sell the land or transfer the deed to a different family member...it would be called (?????)something in lew of bankruptcy. BUT, if donald trump can file with owning hotels etc..why can't i file with owning a few acres of land?

[ihatearizona]

You CAN file for bankruptcy BUT what everyone is warning you about is your exemptions on personal property. I believe Texas has a full exemption for your primary residence but anything you own OVER that residence would NOT be covered by the exemption. This means that the Trustee would have the power to make you sell the property to help pay back your creditors.

Now, if you were to file chapter 13 (repayment plan bk) you should be able to keep the property or you might be able to pay the Trustee for the value of the land in order to keep it.

[bigun]

Also keep in mind that Donald Trump did not file bk. Trump Casinos filed. Two different situations.

[Ladynred]

Trump also had SO MUCH of the bank's money that he was able to make deals with them.

Oh...,

If you sell/transfer the land to anyone prior to filing, especially to a family member, the Trustee will see that as a fraudulent transfer - and attempt to hide assets - and you could be charged with fraud, your case could be dismissed, and the Trustee could reverse the whole deal.