8 ANSWERS
$75K in equity is exempt, unless you are 60 or older, or disabled, or have a disabled dependent, in which case it is raised to $105K.
Answered on Aug 21st, 2017 at 8:01 PM
Maybe. Your equity in the house can be exempted up to $75,000 if you are single and it is your primary residence. $100,000 if you have family. If you have more Equity then the above amounts the trustee can sell your home and use the excess equity to pay off your creditors. The amount you are entitled to exempt would still go back to you.
Answered on Aug 21st, 2017 at 1:36 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
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All states and federal bankruptcy law exempt your homestead-usually up to a certain amount of equity. In Wisconsin, for example, a person can exempt about $13,000 of equity in a homestead-double that for a married couple-using the federal exemption statute. Under the Wisconsin list of exemptions (which you can choose to apply in a BR instead of the federal list), you can exempt $75,000 for one person, again doubling that if a married couple files together.
Answered on Aug 21st, 2017 at 1:36 AM
Whether you can claim your home as exempt in any bankruptcy depends on how much equity you have in the home. In most states, to claim an exemption in real property, you must live in the property. In some states, you must record a declaration claiming this legal right.
Answered on Aug 19th, 2017 at 8:12 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Only the equity in the house is exempt up to a certain amount in NJ under the federal exemption scheme. Check with an attorney in your jurisdiction.
Answered on Aug 19th, 2017 at 8:12 PM
Yes, if it is under the limit nobody can take that from you but you need to check with you and lawyer is exceeded or not.
Answered on Aug 19th, 2017 at 8:04 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Homes are exempt up to $136,000 in Ohio.
Answered on Aug 19th, 2017 at 8:03 PM
Bankruptcy Attorney serving Cleveland, OH
at
Benson Law Firm
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The homestead exemption in bankruptcy is pretty generous in Ohio: $136,925. This would refer to the amount of equity left after all liens have been paid.
Answered on Aug 19th, 2017 at 8:02 PM