If I fie bankruptcy can I keep my house?

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If I fie bankruptcy can I keep my house?

Asked on November 19, 2011 under Bankruptcy Law, Georgia

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

That depends on which chapter of bankruptcy you file, what your property is worth, how much is owed against it, what the value of your other assets are,  what exemptions you have under applicable law, and whether you are current with the mortgage payments. 

Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. 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.

As you can see this is an impossible question to answer without having all the necessary information.  You need to consult with a bankruptcy attorney in your area.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

 

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

That depends on which chapter of bankruptcy you file, what your property is worth, how much is owed against it, what the value of your other assets are,  what exemptions you have under applicable law, and whether you are current with the mortgage payments. 

Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. 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.

As you can see this is an impossible question to answer without having all the necessary information.  You need to consult with a bankruptcy attorney in your area.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

 


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