2007-07-24 12:39:04 · 7 answers · asked by jdc 1 in Business & Finance ➔ Personal Finance
Yes, I kept mine because it was my only home and I had, at the time, 30,000 in equity. Check with your lawyer, it also depends on your state as to what you can and cannot do
2007-07-24 17:45:32 · answer #1 · answered by Lillie A 2 · 0⤊ 0⤋
I think you only have to sell your home if you include your mortgage in the bankruptcy...if you can afford the payments for your house, then don't include it...
But, depending on the amount of debt that you have, if you have a lot of equity, they can turn down your bankruptcy request because you have the means to reduce your monthly payments by debt consolidation using your home as security.
2007-07-26 10:11:05 · answer #2 · answered by xylina_69 4 · 0⤊ 0⤋
Yes
2007-07-24 12:47:32 · answer #3 · answered by LongJohns 7 · 0⤊ 0⤋
no
check with your lawyer before filing
I also kept 2 credit cards after filing
2007-07-24 12:42:46 · answer #4 · answered by beachlivin 3 · 0⤊ 0⤋
Not always.
Here's a site that explains in detail.
http://en.wikipedia.org/wiki/Bankruptcy
2007-07-24 12:45:53 · answer #5 · answered by mister_galager 5 · 0⤊ 0⤋
Usually no. If you have a lot of equity, you may have to 'cash in' some of it. You can't discharge the mortgage and keep the house.
2007-07-24 13:34:04 · answer #6 · answered by STEVEN F 7 · 0⤊ 0⤋
It depends on if they think you can pay for it. Check with a lawyer.
2007-07-24 13:24:36 · answer #7 · answered by prprincess 4 · 0⤊ 0⤋