Will I Lose My Home, Car Or Other Property If I File For Bankruptcy?
Whether or not you will be able to keep your home, car or other property is a complex question that depends on a variety of factors, including what chapter of the U.S. Bankruptcy Code you file under, the state you reside in, how much you owe on the property in question, and whether your payments are current.
Federal bankruptcy laws and applicable state laws permit a debtor to keep certain "exempt" property from unsecured creditors. For example, some states allow a homestead exemption which exempts all or a portion of the equity in the debtor's primary residence. The availability and amount of property the debtor may exempt depends on the state the debtor lives in.
In a chapter 7 bankruptcy, you will probably lose your automobile if there is equity in it. If your are behind on your mortgage payments and have equity in your home, you will likely lose it. You will be entitled to keep any exempt equity in your home.
Where can I get legal advice about my Bankruptcy issue or case?
If you have a Bankruptcy Law issue or case and want legal advice for your specific situation, call the law firm below to schedule an initial consultation.
TOP OF PAGE