bankruptcy and exempt assets

Hello, I think I may need to file bankruptcy. I live here in Edmonton, but I own a mobile home in Florida. I don`t want to sell it because the real estate market is so pour in the US. If I file for bankruptcy can I be forced to sell this home as part of the bankruptcy?

Posted on Tuesday, February 3, 2009 | Filed under: Bankruptcy
 posted by Questions @ 7:05 am 1 Comment
1 Expert Comment:

 At February 9, 2009 | 11:31 am , Barton Goth, Trustee in Bankruptcy Said...

This will depend on whether there is any equity in this mobile home. If so then yes the trustee must realize on this equity. This can be done in one of two ways. The first is the mobile home can be sold and any proceeds would come into the trustee. The second option is that you can increase the cost of your bankruptcy by the amount that the mobile home is worth. We refer to this as “re-purchasing” the equity from the trustee.

Please type your comment below:

You must be logged in to post a comment.