QUESTION
I own my home and it is paid in full. if my husband and I file chapter 7 bankruptcy will we lose our home? We live in Western Kentucky.
Asked on Jan 12th, 2013 on Bankruptcy - Kentucky
2 ANSWERS
Business Law Attorney serving Memphis, TN
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Law Office of Alan Alsobrook
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There are too many different variables to answer the question of what will happen to specific assets, as it currently is asked. It depends on numerous factual issues.
You should consult a local bankruptcy attorney because each state has unique exemption laws and a local attorney can determine what assets can be exempted. Most bankruptcy attorneys offer a free initial consultations 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 Jan 17th, 2013 at 2:22 PM
Bankruptcy Attorney serving Burbank, CA
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Law Office of Mark J. Markus
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There's no way to answer your question without knowing what the value of the home is, and what exemptions you have available under applicable law 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 need to consult with a bankruptcy attorney in your area. There's nowhere near enough facts to answer your question here.
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 12th, 2013 at 7:09 PM