Legal Question in Bankruptcy in California

Bankruptcy and property in Mexico

We are filing a chapter 7 and own a lot in mexico through a company in Scottsdale Arizona, where our contract with them says we have to put their house plan on it, but we will never qualify at this time for the construction loan. if we let it go we get penalized $80,000. We paid $114000 for the lot. I have been told that Loreto Bay does not report anything to the US and the land is held in a trust therefore our names would not even be associated with the lot as far as the US is concerned! How do I proceed with the Bankruptcy? Do I need to tell by lawyer or do I just not say anything at all. Can this hold up the proceedings! How does this affect anything? Please help, I do not want to get in trouble Many Thanks Delynn


Asked on 3/31/08, 1:23 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Bankruptcy and property in Mexico

You are required to disclose all of your assets and all of your debts. You might put an explanation about the property on your schedules. I'm sure the trustee would want to know about it and will write you asking for documentation. Do not withhold anything. That is what will get you in trouble.

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Answered on 3/31/08, 3:05 pm


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