Are there home ownership guarantees in bankruptcy?
I need to file for bankruptcy but cannot afford to lose my home. Are there any guarantees that homeowners filing chapter 7 bankruptcy will be able to retain their property? I have no idea what I would do if I lost my home.
Answered By: Lorene Lynn Mies, APLC
There are no guarantees in anything. However, if your payments on your home are up to date and you can continue to make the payments you should be able to keep your home. If you have a great deal of equity in your home then the Chapter 7 trustee can order your home sold to satisfy your debts. Different states have different homestead protections. In California the home equity is protected $75,000 for a single person, $100,000 for married, and $150,000 for over 65 or disabled.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: The Doan Law Firm
It depends on how much equity you have and what your state exemption is. Our bankruptcy attorneys are standing by to advise you further, call now for a free consultation.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/25/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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