If I’m 77 years old and have $50,000 in credit card loans but own my own home, can they take my home?

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If I’m 77 years old and have $50,000 in credit card loans but own my own home, can they take my home?

Asked on June 30, 2015 under Bankruptcy Law, New Jersey

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

If you file bankruptcy, there is a homestead exemption which can protect your home from creditors.

If you are paying a mortgage on your home, you can reaffirm the debt in your bankruptcy schedules (documents) and continue making payments on the mortgage.  Reaffirmation means you keep the home and continue making payments.


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