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I have an income of 1,500.00 social security only and a 7 year old dept of 35,000.00 and a trailor house with a debt of 30,000.00 can I keep my house and file on just the 35,000.00
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Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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You are asking whether or not you can protect certain assets in a bankruptcy case. The answer depends on which chapter of bankruptcy you file and what exemptions are available to you under applicable law.
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.
The way to determine which chapter you should file and which exemptions apply is to have a consultation with an experienced bankruptcy attorney in your area.
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 May 28th, 2013 at 3:47 PM