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Yes. It is an asset. It may have value. The bankruptcy court has the right to sell off most all of your assets to settle debts. Certain assets are protected or otherwise not subject to a sale as you will still need some basics. The laws for bankruptcy do vary by state so check with a bankruptcy attorney if you need precise answers that apply in your specific situation.

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Q: You own a one fifth fraction of a cabin can you loose that in bankruptcy?
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