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If it has some equity but not more than the exemption, and if you are current on your mortgage payments. It may also depend on your state homestead laws.
Bankruptcy is a Federal Court action and has nothing to do with State Homestead Laws!
Equity is irrelevant to whether you can keep your house. It may affect whether you want to reaffirm the mortgages or not. Bankruptcy law specifically allows states to require their exemptions. Most states require you to use state exemption laws, including state homestead exemptions. A handful of states allow you to choose federal or state exemption laws.
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If you file bankruptcy in one state and own a home in another state may you keep it?
The answer depends on the type of bankruptcy you file and the value of your home. In Chapter 7 bankruptcy, you may be required to sell the home unless it falls within certain exemption limits. In Chapter 13 bankruptcy, you can typically keep your home and create a repayment plan to catch up on missed mortgage payments. It's best to consult with a bankruptcy attorney to understand your specific situation.
Wifes assets if you file bankruptcy?
if your legally married when you file bankruptcy, you must include every single asset including the spouses. depends on what type of bk you file. you may be able to keep your assets.
If you're buying your home which is not in default but you file bankruptcy on all your other debt would you be allowed to keep making the payments and keep the property or do you have to claim it?
You may have to make reaffirmation to the mortgage holder.
What is loan reconcillation?
When you file bankruptcy, you may wish to reconcile a loan. Basically, it's a loan that you have that you don't want to file bankruptcy on. You intend to keep paying it as normal, while still declaring bankruptcy on other loans.
Can you keep your car if you file for bankruptcy in Missouri?
You may keep your car in any state where you file bankruptcy, provided you reaffirm with the lender, or you exclude the vehicle debt from the bankruptcy. This of course is also dependent upon remaining current on the loan payments also. You should really discuss this matter with your BK Lawyer.
Can you file bankruptcy on a home equity line of credit and keep the house?
You file bankruptcy as an individual. It involves everything you owe and everything you own. You cannot file bankruptcy for only one loan The bankruptcy process can exempt certain assets from the process. Some debts may not be cleared. A debt secured by a specific asset has first call on the funds from the sale of the asset. If the sale fails to pay all that is owed, the additional amounts can be claimed as unsecured debts owed. If you want to know more about bankruptcy in your state and how you may be able to protect your primary residence you should consult with a bankruptcy attorney.
What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
i have 50000.00 in c.c debt in my name only ihave amortgage jointly withe my wife.can i file for bancrupcy without involving the house.im current on all bills but doom is coming.?
It may be possible to file bankruptcy and keep your home at the same time.
If fully paid can you keep your motorcycle if you file personal bankruptcy in Pennsylvania?
In federal bankruptcy, it depends on the value of the motorcycle and whether you can exempt it or pay the trustee the value of the bike. If there is a state bankruptcy procedure in PA, the rules may be a little different.
If you co sign on a auto loan and they file chapter 13 bankruptcy how do you keep your credit from showing not paid on time?
You know the answer: YOU have to make the payments. You agreed to do that when you signed the agreement. Of course, you may be eligible for bankruptcy also.
Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
How soon after can you file for chapter 13 after your first filing?
If you are facing some serious financial issues, you may consider filing for chapter 13 bankruptcy protection. If you do file keep in mind that there is no limit to the amount of times you can refile for the same protection.
