Can we keep our home if we file for bankruptcy?

UPDATED: Nov 5, 2014

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Can we keep our home if we file for bankruptcy?

My wife and I have both lost our jobs. We have a ton of bills and my wife has a lot of debt from taking out loans to pay medical bills for my mother in law in a different country? We’re desperate and we’re both in our mid 50’s so it’s not like we can just wake up and a find a job that easily.

Asked on November 5, 2014 under Bankruptcy Law, California


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Seek out a free consultation from a bankruptcy attorney asap. California allows you to keep the house if the equity in the house is considered exempt under the law and you can keep making payments. If the equity is not exempt then the trustee can consider selling it. It is not as easy as it sounds and involves a bankruptcy formula to figure it out. Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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