Is foreign real estate exempt?

[BIGA]

Edited

[HHM]

The answers to your questions are no and no? First, you need to speak with an attorney regarding you issues since your case is a little more complex.

First, there is no exemption for foriegn real estate, you only get an exemption for the residence in which you actually reside. Whatever the real estate holdings are, they are assets and must be listed in your BK (because you own them), its possible another exemption may apply, but there is no specific foriegn real estate. However, what is considered ownership in another country may be different (i.e. in Mexico, you don't really own the land, you lease it for up to 99 years). Granted, the trustee may not want it because it would be too much trouble to try an dispose of the property.

Second, regrading fraud. There is no set cut off for fraud, the only difference is that if a transaction (purchase) occured within 60 days of filing bankruptcy, it is "presumed" fraudulent. After the 60 days, the creditor objecting must "prove" fraud. Depending on the nature of the transaction and your financial history, a creditor could conceivably prove fraud up to a year or more before the bankruptcy (i.e. like buying real estate with credit cards then attempting to get that debt discharged).

Sorry for the reality check, if you are heavy in debt, BK will probably help, but your BK will probably be more stressful and fraught with risk than others.

[BIGA]

Thanks for the response

Edited

[HHM]

You have bigger issues which you will need to speak to an attorney about. If you haven't been living in the U.S., its not clear in which jurisdiction/venue you would file. Under the existing law, you can only file in the jurisdiction in which you have actually resided or have most of your assets for the longer of the previous 180 days before filing.

[Urle Andoy]

Yeah!!! It is a legal issue and i have no more to add to the advice. Its is right to look for a Lawyer to help you in your case.

Good Luck.
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