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In Pa in chapter 7 bankruptcy can person use Federal Bankruptcy Exemtion to keep 120000 paid off condominium if this is only asset and only projected income is 238 monthly?
Wiki User
∙ 14y ago
Refer to your last similar Q. Yes you have a 125K Federal Homestead Exemption. Yes you have issues that need to be protected by an attorney in the BK process (any creditor will have one and they will want to seize the house - which if not properly homesteaded and then defended, can still happen. And other issues that could use some professional financial planning to make sure you get to use the fruit of your labors....check with a trusted source like the AARP for referrals. If you don't have a great deal of debt, other than the 11k mentioned before (which is on the house and may not be eliminated)...the process is probably not worthwhile......you would be better off negotiating a discount on the debt to pay it off. If you do have a lot of debt, a reasonable question may be where what was purchased went....THAT can effect the amount of your Homestead exemption, for example...and if you had and revealed a $238 income when applying for credit - or if perhaps your application said something else....(and other assets). Intentionally incurring debts you knew you couldn't pay may not be covered by BK and may well be criminal - but YOUR ATTORNEY should make sure that isn't a problem.
Wiki User
∙ 14y ago
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