Expert: Mark J. Markus- California Bankruptcy Attorney - 8/24/2010

Question
My father (in Florida) was given land (located in Louisiana) as a gift from his
sister 40 or 50 years ago and didn't add my mom's name to the deed when
they married.  My sister and I recently purchased part of it from him, so there  
are three names on the deed now (including my father's name).

My father is considering filing for bankruptcy to avoid foreclosure on a house
he has in Florida. Will the courts be able to take the land in Louisiana from my
father?  If so, since there are three names on the deed, will they only be able
to take a third, representing his share, or the entire plot of land. This is very
important, as we recently discovered that the land in Louisiana is sitting
above a major gas shale and may be worth a considerable amount of money.

Answer
The value of your father's interest in the property is clearly an asset of his bankruptcy estate, so depending on which chapter of bankruptcy is filed and what exemptions are available under applicable state law (probably Florida's), he may or may not lose it in a bankruptcy case.

Nowhere near enough information for me to answer in this forum.  You (or, preferably, your father) needs to consult with a bankruptcy attorney in Florida who can go through ALL the relevant information to properly assess the situation.

http://www.bklaw.com/