If we declare bankruptcy, will we loose our property?

Get Legal Help Today

 Secured with SHA-256 Encryption

If we declare bankruptcy, will we loose our property?

My husband is disabled. I am in the process of getting my disability. Our house is fixing to be forclosed on. The only asset we have is 11 acres my husband’s mom left him when she died last year.

Asked on February 27, 2013 under Bankruptcy Law, Kentucky

Answers:

B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

There are different types of bankruptcy.  One type is more of a debt restructuring-- where you spread out the payments to make them easier to pay. You are not usually required to sell everything off with this type of bankruptcy.  Another type of bankruptcy is a complete discharge where any property that is not exempt can be sold to pay off any debts. Depending on the value of the 11 acres, you may or may not be required to sell it in this type of bankruptcy.  So, to answer your question, it really depends on the type of bankruptcy that you file and the amount of exemptions you claim.

If your house is about to be foreclosed on, the mere filing of the bankruptcy can help keep your head above water until everything else is resolved.  Many bankruptcy attorneys now offer free online consultations.  I would suggest taking advantage of a couple of these to see which type of bankruptcy (if any) would work to help your situation.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption