Legal Question in Bankruptcy in Nevada
bankruptcy
my mom is 72 has incurred many credit card debts..she lives in nevada but owns a coop in ny ...how will this be effected..she gets soc sec and a small pension..what will happen...thanks
Asked on 2/08/00, 10:51 am
1 Answer from Attorneys
Protection of Co op Apt out of state
Unfortunately, I suspect that your mother may lose the co-op apartment if she files a straght bankruptcy under chapter 7. This is because the "homestead" law covers propery that she lives in, and does not cover investment or other real property interests. However, with some strategizing, perhaps something else could be done to help her solve these problems without filing bankruptcy. If she is in the Las Vegas area, I would be happy to meet with her to discuss the particulars.
Answered on 2/09/00, 4:40 pm
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