property in Germany

[TheKaister]

I am planning on filing chapter 7 soon and I am on the deed to my mothers house and my Grandparents house in Germany. Do I have to list them as assets and can the Trustee force a sale on it?

[newbie2]

Yes, you have to list it as an asset. I don't know if the trustee would want it, because we don't know what it is worth (your 1/3 of it) or know what your other assets are and exemptions.

[IamOld]

Right, and as to how to value it...that's a question!

Legally, the Trustee has zero power in Germany - they cannot do anything there unless they compel you to legally empower them to act there - which is a hassle for them, costly, etc. This I would definitely consult an atty for...

BUT - a Trustee is has no legal "powers" outside the US.

[HHM]

Yes, list it. If you fail to list it, and then they find out about it later, your bankruptcy can be revoked and you prosecuted for criminal BK fraud.

As for the trustee having "no power" outside the US. That is not entirely true. It really depends on the treaties between countries, but at the end of the day, the trustee has the same rights as the debtor to property located anywhere in the world. The issue becomes whether the foreign jurisdiction will allow the trustee to take action.

[IamOld]

HHM is quite correct - as always! You never leave anything out.

Re Germany - unless YOU (OP) authorize the Trustee to act on your behalf, in GERMANY, he cannot do anything UNLESS he petitions a German court to allow him to do such and such under German law or treaty with the US (I used to travel to Germany for business in the past quite a bit).

Yes, list it. If you fail to list it, and then they find out about it later, your bankruptcy can be revoked and you prosecuted for criminal BK fraud.

As for the trustee having "no power" outside the US. That is not entirely true. It really depends on the treaties between countries, but at the end of the day, the trustee has the same rights has the debtor to property located anywhere in the world. The issue becomes whether the foreign jurisdiction will allow the trustee to take action.

[newbie2]

Right, and as to how to value it...that's a question!

Legally, the Trustee has zero power in Germany - they cannot do anything there unless they compel you to legally empower them to act there - which is a hassle for them, costly, etc. This I would definitely consult an atty for...

BUT - a Trustee is has no legal "powers" outside the US.

The trustee may or may not have the power to sell the overseas asset, but he does have the power to pull the plug on the OPS filing.

[IamOld]

The trustee may or may not have the power to sell the overseas asset, but he does have the power to pull the plug on the OPS filing.

Very true! So I think everyone would say, disclose it - if you don't know what it's worth say so...since there are 2 others on the title, it's almost impossible to value...

[TheKaister]

My lawyer said the trustee might go after it but he's not sure.I don't think i can take that risk though.I might just have my wife file chapter 7 and try to pay my debts back. That will take a while.