If my house and vehicle are paid completely off and I file Chapter 7, can I lose them?
Question Details:
I have credit card and medical debit. I was contacted my a collection agency and was told to file. Can my paid off car and home be taken away. I haven't filed bankruptcy yet.
Whether you can keep certain assets in a chapter 7 bankruptcy case depends on their value and what exemptions you have available under applicable state law. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
