Part of what you consider is what is the building lot really worth? If its one of those lots that were sold at potential resorts and the resort has not seriously taken off, then its not really worth considering. If its a building lot that is worth serious money, then it might be in your best interest to simply sell it and pay off your debts. If it's something that is starting to be worth serious money, but will be worth seriously more in the next 5-10 years then maybe its worth avoiding bankruptcy for as long as possible...but then eventually selling the lot and paying off debts rather than actually filing.Thanks so much for your answer. I think I've decided against it.
Then my advice would be holding off as long as possible and selling it prior to filing any bankruptcy. The bankruptcy trustee will definitely sell it to put towards your debts and you likely can do better selling it yourself.It's in an upscale golf community less than a mile from the ocean with no HOA fees, which is unheard of in that area. It would definitely be worth selling in the future when things pick back up. Thanks again.
The money in the IRA is likely exempt, but how could we otherwise have the slightest idea?I am considering filing bankruptcy in NYS. I own a building lot in another state (SC) and also have some money in an IRA. Will I lose either of these?