There are too many different variables to answer that question. It depends on your state's exemption law, and who the creditors are. There are some situations in a chapter 7 case where the debtor can keep the home. Typically, individuals looking to keep large and valuable assets look to file chapter 13.
The costs associated with filing a chapter 7 case is $306 for the court costs. There are other costs associated with filing that will fluctuate, such as the pre and post-filing classes and attorney's fees.
You should consult a local bankruptcy attorney. Most bankruptcy attorneys offer a free initial consultations to determine if you qualify for bankruptcy, and to determine if bankruptcy is appropriate.
This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.
Answered on Oct 18th, 2012 at 1:19 PM