More details to this question:
I owe a mortgage on our only home that we reside in . I do not owe any car payments and the two cars we own are more than 10 years old. I am not late on my mortgage payment. . I intend to file on credit card debt. we have recently become disabled. and unable to pay these bills. Can I keep my home and continue to pay for it . It is a doublewide 13 years old.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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There's no way to answer your question without knowing the equity in your home, the value of your other assets, and the exemptions that would be allowed in your case.
Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
You are allowed to continue paying on your home, but if there is equity above any allowed exemptions, the Trustee could sell it.
You need to consult with an experienced bankruptcy attorney in your area for more details.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on Jan 09th, 2013 at 2:33 PM