Are there home ownership guarantees in bankruptcy? 2 Answers as of August 27, 2010

I need to file for bankruptcy but cannot afford to lose my home. Are there any guarantees that homeowners filing chapter 7 bankruptcy will be able to retain their property? I have no idea what I would do if I lost my home.

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Lorene Lynn Mies, APLC
Lorene Lynn Mies, APLC | TheBankruptcyMinute.com
There are no guarantees in anything. However, if your payments on your home are up to date and you can continue to make the payments you should be able to keep your home. If you have a great deal of equity in your home then the Chapter 7 trustee can order your home sold to satisfy your debts. Different states have different homestead protections. In California the home equity is protected $75,000 for a single person, $100,000 for married, and $150,000 for over 65 or disabled.
Answer Applies to: California
Replied: 8/27/2010
The Doan Law Firm
The Doan Law Firm | Shawn Doan
It depends on how much equity you have and what your state exemption is. Our bankruptcy attorneys are standing by to advise you further, call now for a free consultation.
Answer Applies to: California
Replied: 8/25/2010
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