Question about protecting a house in bankruptcy

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Question about protecting a house in bankruptcy

I have the opportunity to rent out my primary residence and receive enough rent to pay my mortgage and rent a smaller house. Should my financial situation not improve and I file Chapter 7, is my house protected. I only own this one piece of property.

Asked on June 5, 2009 under Bankruptcy Law, Rhode Island

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Nothing is protected per se unless it falls under an exemption.  Further, if your state recognizes a certain type of homestead exemption, you may have a chance at saving the house.  It doesn't mean getting something for nothing though.  Not a free ride.

Try reviewing the following on freeadvice.com to get a general overview and then consult with a bankruptcy attorney at www.attorneypages.com.  Playing hide the ball or asset is not a good idea, either.

https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/292/

https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/


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 AttorneyPages.com 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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