QUESTION
If I own my house and filed for bankruptcy, can the company take my home from me?
Asked on Mar 13th, 2013 on Bankruptcy - Delaware
More details to this question:
I own a house. I owe around $28,000 in credit cards and I am on permanent disability. If I claim chapter 7, can they take my home.
13 ANSWERS
There are exemptions on keeping a home, it will depend on the amount of equity in the home.
Answered on Mar 18th, 2013 at 1:49 PM
General Practice Attorney serving Crystal Lake, IL
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Bruning & Associates, P.C.
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Whether you will lose your house in bankruptcy depends on numerous factors including whether there is a mortgage on the house, how much the house is worth, and how you hold title to the house. An experienced bankruptcy practitioner will assist you in determining how best to preserve the equity in your house in a bankruptcy.
Answered on Mar 15th, 2013 at 5:18 AM
I would have to know how much your house is worth and how much you owe against it. Every state has different exemptions that allows you to protect your equity interest in your home. In Nevada, that amount can vary from $125,000 to $550,000, depending on how long you have owned the property. The amount of equity allowed in Nevada is much higher than that available under the laws in most other states.
Answered on Mar 14th, 2013 at 4:00 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
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In New Jersey, It will depend on the following: are you in arrears on the mortgage, do you have any equity in the property after your allowable Federal Exemption. If the answer is No to both, you will probably be safe, but I strongly urge you to get a consult with a bankruptcy specialist.
Answered on Mar 14th, 2013 at 1:06 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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If you dont pay the mortgage, if any, or the real property taxes you could lose the house. Im not sure what company you are referring to.
Answered on Mar 14th, 2013 at 1:05 PM
Deborah F. Bowinski
The answer to your question will vary significantly from one jurisdiction to another. Some states allow a person to protect quite a bit of equity in a home, while in other states you cannot protect very much at all. It would be a very good idea for you to consult with an experienced bankruptcy attorney in your area to determine whether bankruptcy is a wise choice for you.
Answered on Mar 14th, 2013 at 1:05 PM
Usually not, assuming you can exempt the equity in your house, if any.
Answered on Mar 14th, 2013 at 1:04 PM
2 Awards
Your home is exempt in Nevada up to $550,000 equity. You do have to continue to pay your mortgage. As long as you do so, you will not lose your home in a bankruptcy.
Answered on Mar 14th, 2013 at 1:04 PM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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That depends on whether you have equity in the house or not. If you do not have equity in it, the Trustee will not want to sell your house.
Answered on Mar 14th, 2013 at 1:04 PM
Litigation Attorney serving San Antonio, TX
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Graves Law Firm
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If you live in Texas you probably wont lose your home for credit card debt. See a bankruptcy lawyer. Most charge nothing to review your case with you.
Answered on Mar 14th, 2013 at 1:03 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes if it cannot be exempted.
Answered on Mar 14th, 2013 at 1:03 PM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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If you can afford the payments on your home (and you are current on those payments) and you are able to exempt any equity that you have in your home, you should not have a problem. You should see a local attorney to make sure that your rights are protected.
Answered on Mar 14th, 2013 at 1:02 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Not if your home is current and some lenders require you to re-affirm the loan.
Answered on Mar 14th, 2013 at 1:01 PM