if i file chapter 7 bankruptcy will i lose my house?
Aug 31, 2011
in
Chapter 7
Hi im asking this question on behalf of my mother in law who is currently in jail. She just recently told my husband, who has power of attorney for her to look into filing bankruptcy. At this point, her only valuable asset is her home, which is what we are trying to save, so if we file chp 7 will that really do any good?
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2 comments
Net Advisor on August 31, 2011 at 7:15 am
Depends on what state you live in. Many states you can keep your house as long as the net value (equity) does not exceed a certain amount. In Florida, you can have a $30Million home, file BK, and still keep it.
Chapter 7
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html
Florida Bankruptcy Law Blog
http://www.bankruptcyorlando.com/
Bankruptcy Exemptions (double check w/ an attorney)
http://www.bankruptcyaction.com/fedexemptions.htm
Bankruptcy Exemptions (double check w/ an attorney)
Check by State
http://www.bankruptcyaction.com/bankruptcyexemptions.htm
Jennifer on August 31, 2011 at 7:15 am
Hi,
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http://twurl.nl/cpprpl