I do not practise in the area of bankruptcy so you will have to consult a bankruptcy lawyer and/or a trustee in bankruptcy. You will certainly have to disclose your interest in the property and the trustee will take it from there.
I am not sure what you mean by a pay-out. Again, once you file for bankruptcy the trustee has control of your assets and he or she will make recommendations as to their disposition on behalf of your creditors. Ultimately, the decision is made by the Bankruptcy Court.
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