2006-12-06 23:55:28 · 11 answers · asked by laura s 3 in Business & Finance ➔ Personal Finance
Although bankruptcy is largely a federal law, some issues are still determined by state law. One of the areas where state law applies in bankruptcy is the exemptions. Your "exemptions" consist of the property that you may keep during bankruptcy.
In a typical chapter 7 bankruptcy, a trustee is appointed to sell all of your 'nonexempt" assets. You may have heard the term "homestead exemption". Well, this is the amount of equity in your house that you can keep if you for bankruptcy. The maximum amount under federal law is $125,000, but some states like California set lower numbers.
If the equity in your home is less than your allowed exemption, you can keep the home if you you make the mortgage payments. If you have equity above and beyond your homestead exemption, the trustee MIGHT sell your home if there is decent equity to pay unsecured creditors.
2006-12-09 05:12:40 · answer #1 · answered by Carl 7 · 0⤊ 0⤋
There are several factors in determining whether you can keep your house when you file for bankruptcy. The major factor is the amount of equity in your house and how much of it you can claim as your homestead exemption. The trustee will have to see if it is really worth his time and expenses by having the house appraised and advertising the property.
You can also contact a Realtor and see if you were to put your house on the market, how long do they think it will be on the market before it is sold or if it will be sold.
YOU SHOULD CONSULT A LOCAL ATTORNEY.
2006-12-08 14:17:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on the kind of bankruptcy you are claiming. You need a lawyer. If you can prove that you are able to pay for your mortgage after all of this falls through then youll be able to keep the house. You can even keep your vehicles if you prove it.
2006-12-07 00:05:10 · answer #3 · answered by betty boop 5 · 1⤊ 0⤋
This is possible, the courts can place a charge on it forcing it to be sold to cover debts, this does depend on the country you are in and the type of bancruptcy, If it is a limited liability company, and you personally own the house, then no.
2006-12-06 23:59:50 · answer #4 · answered by Pope my ride! 4 · 0⤊ 0⤋
relies upon on the form of financial disaster, the quantity owed, the place filed or perhaps though if or not you have dependents. frequently, if his call remains on the hire they may well be waiting to take it to pay off the expenses. in case you have toddlers it is going to become extra good for them to take the abode in a chap 13 yet extra handy if it fairly is a cram-down chap 13. the abode almost consistently is going in a chap 7 submitting. Get his call off of the hire, get your funds and components cleanly divided via the courts till now that financial disaster is finalized. A financial disaster lawyer on your section might know this superb (the regulations are federal yet open to interior of reach jurisdictional interpretation)
2016-12-11 04:00:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You cannot declare bankruptcy if you have a house.
You are supposed to sell your house to pay your debts and then declare bankruptcy.
2006-12-07 08:03:21 · answer #6 · answered by Anonymous · 0⤊ 2⤋
Maybe. There are some instances where you do, but not all. Consult an attorney.
2006-12-06 23:56:43 · answer #7 · answered by kja63 7 · 1⤊ 0⤋
No, you don't. What happens is that they take control of your income, so you are forced to pay your debts.
2006-12-07 00:05:01 · answer #8 · answered by Dita 5 · 0⤊ 1⤋
yep you sure do if it is in your name yeah!!
2006-12-06 23:58:56 · answer #9 · answered by ? 7 · 0⤊ 1⤋
Not if you can "Homestead" it.
2006-12-07 00:03:12 · answer #10 · answered by Anonymous · 0⤊ 0⤋