15 guys in land ownership LLC

[sizesnug]

Hi, my uncles and cousins and I own 160 acres of land, only used for hunting land....all of our names are on the ownership. There are no monies coming in from land, only out going monies..."property tax...etc"....it will never be sold....it is family land. My share of the land is worth 2500.00...how would this land be affected in a chapter 7 bankruptcy?? I do not want any of my family members affected by this...Thank you much.

[justbroke]

The Trustee may order an appraisal and ask for your share ($2,500 or whatever 1/15th of the appraised value is). You may be able to negotiate with the Trustee because they can't really sell it. You may be able to exempt it using some exemptions (other than a homestead exemption). If you have no homestead and your State provides a generous "unused homestead" exemption... then you should be ok.

I don't know about family members not finding out though.