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I have medical bills and credit card judgements and would like to file chapter 7 but keep my house that is going into foreclosure. I have about $40,000 of equity.
13 ANSWERS
In California, the equity in your home is protected by an exemption of at least $75,000.00 if you live in your home.
Answered on Jul 15th, 2011 at 12:54 PM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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You may be able to keep your house, but you'll need a bankruptcy lawyer with experience in foreclosure defense.
Answered on Jul 15th, 2011 at 12:15 PM
Samuel Lee Tucker
Yes. You must continue to pay the note on the house. If you are behind on mortgage payments a Ch13 bankruptcy may be your only resort.
Answered on Jul 15th, 2011 at 11:46 AM
Trusts and Estates Attorney serving Jacksonville, FL
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Law Office of David M. Goldman PLLC
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In Florida, you can keep your home in a Chapter 7 Bankruptcy
Answered on Jul 15th, 2011 at 11:30 AM
In Indiana, you can only protect $17,700 worth of equity in real estate in which you reside and you can double the exemption for married couples filing joint petitions if both are on the deed. If you own the home by yourself and have $40,000 in equity, you would subject the real estate to liquidation in a chapter 7.
Answered on Jul 14th, 2011 at 2:26 PM
Yes, you have seventy five grand of an exemption in Court.
Answered on Jul 14th, 2011 at 2:03 PM
Information provided doesn't create an attorney/client privilege nor constitute an offer of services and is only general responses to hypotheticals
Bankruptcy Attorney serving Seattle, WA
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Symmes Law Group, PLLC
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In Washington state you may have up to $125,000 in equity and still file for chapter 7 bankruptcy while keeping your home.
Answered on Jul 14th, 2011 at 1:41 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If you are behind in your house payment and in foreclosure you should consider filing a chapter 13 payment plan. If you file chapter 7 you will need to catch up with the back payments in order to keep the house.
Answered on Jul 14th, 2011 at 1:38 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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If you have that much equity the trustee will probably want to sell. If you can find a Ch 13 that will pay off the late payments you could keep the house.
Answered on Jul 14th, 2011 at 1:06 PM
Bankruptcy Decision Attorney serving San Diego, CA
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Law Office of Daniel G. Shay
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If you want to stop a foreclosure and keep your house you are going to have to file a Chapter 13 or obtain a loan modification that makes you current. Your arrears will be paid in the 13 and the medical debt may only get 1%. The equity is protected under 704 homestead exemption.
Answered on Jul 14th, 2011 at 12:53 PM
Employment Attorney serving Culver City, CA
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Law Offices of Helmer • Friedman, LLP
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Yes, you may file and not include your home
Answered on Jul 14th, 2011 at 12:51 PM
Glen Edward Ashman
Maybe. In Georgia you can only protect $10K in equity (20K for two owners), but remember you add to the value the costs of sale, and given a bad real estate market, your numbers may work. See a lawyer to run the numbers. Note that if you don't file and get sued, those suits will eventually become liens on your home (another reason to look at bankruptcy).
Answered on Jul 14th, 2011 at 12:50 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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You may be able to do so, but the amount of equity you have in your home could make it difficult to discharge your other debts and still keep the home.
Answered on Jul 14th, 2011 at 12:36 PM