bankruptcy

Date: Wed, 06/17/2009 - 19:31

Submitted by anonymous
on Wed, 06/17/2009 - 19:31

Posts: 202330 Credits: [Donate]

Total Replies: 5

me and my wife are considering filing . ijust started back to work recently. my question is i owe approx. 98,000 on my home and have an equity loan of 17,000 and just had a market appraisal done at 114,000 . i dont want to lose my home if i file. are we safe . also we have a snowmobile and lawn tractor that we are still paying on would the trustee take possession

If you file Ch 7, you may or may not be able to keep your home.

If you file Ch 7, you may or may not be able to keep your home. as far.There are certain exemptions under Ch 7. If your home equity is less than the exemptions, you can keep your home. Under Chapter 13, you can definitely keep your home, because you pay back the entire debt over a period of 3 to 5 years.

lrhall41

Submitted by SC on Thu, 06/18/2009 - 00:46

( Posts: 3937 | Credits: )

You really should consult with a local attorney... consultations

You really should consult with a local attorney... consultations are generally free. With only $1000 in equity, I really don't see any problem with keeping the house...all states have exemptions. However the toys might be another matter....depends on how much you owe on them and how much they are worth.