Posted on: 29th Dec, 2011 01:13 am
I need to know whether or not I can file bankruptcy and still keep my home. I have been drawing unemployment for couple of years and pay over $400 a month in child support. Apart from this, I owe about $70k in credit card debts. I However, the fact is that that I have about 80k in equity in my house. My wife works makes about $50K a year.
Hi Guest,
As you have equity in your property, there are high chances that the bankruptcy attorney will sell off the property in order to pay off your lenders/creditors especially if you file Chapter 7. However, if you file Chapter 13, you will be able to save the property.
Take care.
As you have equity in your property, there are high chances that the bankruptcy attorney will sell off the property in order to pay off your lenders/creditors especially if you file Chapter 7. However, if you file Chapter 13, you will be able to save the property.
Take care.
Hi Guest!
Welcome to forums!
It is true that when you have equity in your property, there are high chances that the bankruptcy trustee will use it to pay off the debts of your creditors. However, you should check your state laws in order to find if there are any exemptions. You can even have a word with your bankruptcy attorney in order to find out whether or not you will be able to save the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is true that when you have equity in your property, there are high chances that the bankruptcy trustee will use it to pay off the debts of your creditors. However, you should check your state laws in order to find if there are any exemptions. You can even have a word with your bankruptcy attorney in order to find out whether or not you will be able to save the property.
Feel free to ask if you've further queries.
Sussane