2007-06-22 15:44:53 · 5 answers · asked by rockerjon2005 2 in Business & Finance ➔ Taxes ➔ United States
Sorry, Rabid, but it DOES vary by state. When you file BK, you can file Federal laws OR state laws, whichever works out best for you.
Each state has its own rules on how much equity you can retain, varying from 100% in FL to not a lot in a few states. Federal rules do provide for a significant portion of equity that you can retain but it's not unlimited. That's why the scammers from Edron bought homes in FL with all of the money that they stole -- it can't be touched in BK procedings under FL law.
Your BK attorney can advise you which way will be best for you -- Federal rules or your state's rules.
2007-06-22 16:35:56 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Each state has different laws and regulations.
In nevada they are doing a change to the law right now, so the person will not lose the home.
You really need to go to a local assemblyman or state senator that can guide you on your state's laws and regulations.
Also if you do file for bankruptcy your credit will be messed up for the longest time.
2007-06-23 01:49:34 · answer #2 · answered by Michael M 7 · 0⤊ 0⤋
It does not vary by state as bankruptcy is a federal law. Yes, you can keep your house, but you still have to pay it off- no matter if you file chapter 7 or chapter 13. You can elect to pay it off with your chapter 13 payments, or as a seperate bill.
2007-06-22 15:48:40 · answer #3 · answered by Anonymous · 1⤊ 1⤋
In Cali... my friend kept her car and house by continuing to pay those bills.
2007-06-22 15:51:31 · answer #4 · answered by who be boo? 5 · 0⤊ 0⤋
it varrys. Check your state.
2007-06-22 15:47:14 · answer #5 · answered by Anonymous · 1⤊ 1⤋