QUESTION
we own our home out right, if we file Bankruptcy would we loose our home ?
Asked on May 22nd, 2017 on Bankruptcy - Michigan
More details to this question:
We are thinking of filing Bankruptcy because we are so depressed in our lives and have been for years, we own our home which is only worth around 80-90,thousand, its the only thing we have, if we file will we loose our home ?
1 ANSWER
Administrative Law Attorney serving Ann Arbor, MI
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David J. Hutchinson
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If your home is without a mortgage, you can only protect about $44000 of equity (about $56,000 if one of you is oer 65) against joint debts. If your debts are not joint, you are in much better shape. See a good local bankruptcy lawyer. Good Luck.
Answered on May 26th, 2017 at 6:40 AM