need help
we recently moved to a new city but want to keep our old property(5 gen. family farm.)now that we are here we are struggling as I am self employed and moving costs etc.
Question.the house we live in in the city is under my wife and father in-laws name and the farm is under my name and my mothers. If we declared bankruptcy would they make us auction one or both of the properties and would it affect our folks credit rating?
There is no issue regarding owning property – there is ony an issue if there is any equity in the property. To figure that out you need to know what the farm and the home are worth, less whatever mortgages you may outstanding against them. If either has equity then it will have to be repaid in a bankruptcy (if you don’t want the property sold).
You might want to read about proposals – if you have equity in the farm or the house a proposal migth be a better solution to your problems.
Use the links to find a trustee in your area and give them a call.