QUESTION
If I decided to file for my bankruptcy will my home be affected?
Asked on Apr 23rd, 2013 on Bankruptcy - Kentucky
More details to this question:
The mortgage is currently in my husband's name, but the deed is in both of our names. I am the only one that will be filing bankruptcy will this affect the house if I file for bankruptcy?
10 ANSWERS
Yes you can protect it.
Answered on Apr 29th, 2013 at 4:02 AM
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
No, the home mortgage should not be affected just keeping making payments.
Answered on Apr 26th, 2013 at 12:06 AM
The issue that will determine the vulnerability of your home in bankruptcy is the value of the home. You are entitled to a homestead exemption of $40,000. That means the first $40,000 of your equity in the home is protected from the bankruptcy Trustee. Since you and your husband are on the deed, you are a 50% owner of the equity (if any) in the home. So, to determine whether there is enough equity for you to worry about, first deduct the mortgage(s) from the real market value of the home. If that results in positive number, divide that by 2 and that is the amount of your equity. As long as that number is below $40,000 then you have nothing to worry about. Even if you have a little more than that amount, you need to take costs of sale into account (typically about 7% of the sale amount) also.
Answered on Apr 25th, 2013 at 1:11 AM
Bankruptcy Attorney serving Hampton, VA
at
Haven Law Group, P.C.
Update Your Profile
The bankruptcy will not affect your home so long as there is no equity. It still will not affect your home so long as you do not have any unsecured joint debts.
Answered on Apr 24th, 2013 at 2:27 PM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
Generally if you are current on your mortgage the lender will be delighted to enter into a reaffirmation on the mortgage and note, and would much prefer to take your money than your house. You would be well advised to retain an experienced bankruptcy lawyer.
Answered on Apr 24th, 2013 at 2:27 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
It is doubtful, however I would take the details to an attorney that you should anyway before you file bankruptcy.
Answered on Apr 24th, 2013 at 2:26 PM
There is not enough information to properly answer your question so I urge you to consult with a local bankruptcy attorney about this important issue.
Answered on Apr 24th, 2013 at 2:52 AM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Apr 24th, 2013 at 2:49 AM
Deborah F. Bowinski
The answer depends upon whether there is equity in the property and what exemptions you are entitled to claim to try to protect the equity you may have.
Answered on Apr 24th, 2013 at 2:44 AM
Bankruptcy Chapter 7 Attorney serving Louisville, KY
at
Thornhill & Holt, PLLC
Update Your Profile
It depends on where you have lives in the last several years and how much equity you have in the house. Usually I can protect your home.
Answered on Apr 24th, 2013 at 12:20 AM