Chapter 7
Date: Thu, 07/29/2010 - 05:37
The bankrutcy law allows for some personal exemptions on your ho
The bankrutcy law allows for some personal exemptions on your home. So they take the value of the home, minus out the debt and then minus out the exemption. If you only have $20,000 in equity in that home then you are probably not going to lose it. Depending on the value, after paying real estate agent fees and closing costs it would be in the negiative so they will most likely leave it alone.
BUT this is something to talk to your attorney about. Get a free consultation and see what he says. For instance, if your home is would sell for $60,000 then there is probably some wiggle room if your sales price would be $260,000 then there's not enough equity there after your exemption.
