Can they take my house if I’m on disability and filing chapter 7? 20 Answers as of July 23, 2014

I’m on social security disability and I have a homestead act on my house. I’m married but filing bankruptcy alone.

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Barnhart Law Office
Barnhart Law Office | Bruce C Barnhart
You are entitled to protect up to $60,000.00 of equity in your home. If the house is held in both your name and your spouse's name, you should be able to protect more.
Answer Applies to: Nebraska
Replied: 7/23/2014
Rhymer Law Firm
Rhymer Law Firm | William Rhymer
It depends on how much equity you have in the house, your total assets, if you are behind in mortgage payments, and how much is your total household income. You really need to make a free appointment with an experienced bankruptcy attorney. The best answer for you can only be determined after the proper mathematical calculations are done. Your case decisions will depend on math.If you live with your spouse, your spouse's income may or not be a factor even if the spouse does not file.
Answer Applies to: Georgia
Replied: 7/21/2014
Stephens Gourley & Bywater | David A. Stephens
They cannot take your house as long as the equity is within the amount of the homestead exemption.
Answer Applies to: Nevada
Replied: 7/16/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Depends on the Homestead amount in your state, and how much equity you have in the house.
Answer Applies to: Colorado
Replied: 7/16/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
Who is "they?" If you don't pay your mortgage, your lender can certainly foreclose and take your home once your bankruptcy is completed. If the equity in your home is more than that provided by the exemption laws available to you ($125,000 in EQUITY if owned for less than 3.3 years, $550,000 in EQUITY if owned for more than 3.3 years), then the bankruptcy trustee could potentially take your home and sell it.
Answer Applies to: Nevada
Replied: 7/16/2014
    Hayward, Parker, O'Leary & Pinsky, Esqs.
    Hayward, Parker, O'Leary & Pinsky, Esqs. | Michael O'Leary
    In New York the dollar value of your homestead exemption is dependent upon the county in which you reside. If you have too much non-exempt equity in your New York residence there are circumstances where you certainly can lose it in a Chapter 7 filing. Your email does not provide enough facts to determine if your house would be safe in Chapter 7. You should discuss this matter with competent bankruptcy counsel.
    Answer Applies to: New York
    Replied: 7/15/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    If you have ab abundance of equity in the home, they can make you sell the home, or make payments for the amount you can't exempt.
    Answer Applies to: Michigan
    Replied: 7/15/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If the homestead covers all your equity then no, they can not take your house.
    Answer Applies to: New York
    Replied: 7/15/2014
    EDWARD P RUSSELL | EDWARD P RUSSELL
    You should be able to protect the equity in your homestead. The Minnesota exemption is $350,000; the downsize is that it does not provide the flexibility that the federal exemptions provide.
    Answer Applies to: Minnesota
    Replied: 7/15/2014
    The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
    There's not enough information given here to be able to answer your question. We would need to know the value of the house, the balances on any liens, how the house is titled, and a few other things before we could answer you. See an attorney.
    Answer Applies to: Wisconsin
    Replied: 7/15/2014
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    You need to see a knowledgeable local bankruptcy attorney. It will depend on how much equity you have in your home and if it can be protected with the amount of exemption dollars available to you. Please don't file without getting advice specific to your situation. You can't afford not to!
    Answer Applies to: California
    Replied: 7/15/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    They can take your house if you are behind in the payments. The homestead exemption does not stop foreclosures. You should see local counsel In you are behind in the payments.
    Answer Applies to: California
    Replied: 7/15/2014
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    Can who take your home? If you default on the mortgage or mortgages against your home, those lenders could foreclose on your home. If there is a judgment lien on your home, that creditor may also be able to foreclose and would do so if there is enough equity in the property over and above your preexisting homestead declaration to make it worth the expense of foreclosing. If you file for Chapter 7 protection, however, the Chapter 7 trustee would likely only take your home if you have a lot of equity over and above the amount you are entitled to exempt and all the liens against your home.
    Answer Applies to: California
    Replied: 7/15/2014
    Law Office of Peter M. Lively
    Law Office of Peter M. Lively | Peter M. Lively
    The answer depends upon whether the is non-exempt equity. You should consult with a bankruptcy attorney and perhaps obtain an appraisal of your residence depending upon the loan amount and the approximate fair market value.
    Answer Applies to: California
    Replied: 7/15/2014
    Garner Law Office
    Garner Law Office | Daniel Garner
    Only $40,000 of home equity is exempt in Oregon, when you do not file as a couple. Therefore, if you have more than $40,000 in equity, it is conceivable that the trustee would take it. The higher the equity, the more likely that you would lose it. You might consider Chapter 13 as an alternative, in which you would be allowed to "pay for" the non-exempt equity for up to 5 years instead of losing the house. You still get the immediate protection of the bankruptcy stay with a 13, but the discharge of debts only occurs if you complete your plan. You are not required to use your disability benefit in a Chapter 13, but you must have some source of steady income to fund the monthly payments. If you reside somewhere other than Oregon, your homestead exemption might be greater, depending on the exemption rules you are required to use. Choosing the right exemptions can be tricky, and only a lawyer can tell you which ones to apply. Anyone else advising you to use a certain set of exemptions is practicing law without a license.
    Answer Applies to: Oregon
    Replied: 7/15/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    The mortgage company can take your house. A general creditor cannot.
    Answer Applies to: Nevada
    Replied: 7/15/2014
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Your home is protected. You should consult an attorney to discuss.
    Answer Applies to: Florida
    Replied: 7/15/2014
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    The court looks at your equity.
    Answer Applies to: South Carolina
    Replied: 7/15/2014
    LAW OFFICE OF RALPH L. WILLIAMS
    LAW OFFICE OF RALPH L. WILLIAMS | RALPH L. WILLIAMS
    You would be entitled to a homestead amount of $175,000.00. If your net equity exceeds $175,000.00 then the amount over $175,000.00 would belong to the bankruptcy estate and the bankruptcy trustee would normally want to sell the house or have you pay that amount over to the trustee.
    Answer Applies to: California
    Replied: 7/15/2014
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    You should really retain a lawyer to guide you through the bankruptcy process. Without knowing much more, including what state you live in, the value of your home, whether it's owned individually or jointly, etc., it is impossible to even begin to answer your question. The money you will spend in hiring a competent lawyer will be well worth it given the fact that your home may be at risk!
    Answer Applies to: Colorado
    Replied: 7/15/2014
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