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Ipson Law Firm, PLLC | Michael Ipson
This is a complicate question and needs more facts to be answered in your case. In some instances individuals are able to keep their home especially if they file for a Ch 13. Sometimes they are only able to keep the homestead exemption. It all depends on how much equity you have in your home and under which chapter you decide to file.
Answer Applies to: Utah
Replied: 2/22/2012
Bird & VanDyke, Inc. | David VanDyke
If you have actual equity in your home then generally you must utilize CCP section 704 exemptions. If you are upside down or close to even on your home then you may be able to utilize CCP section 703 exemptions wich are preferred. Please be advised that you must choose whichever of these exemption code sections are best for you but you CANNOT use both.
Answer Applies to: California
Replied: 2/21/2012
Philip R. Boardman, Attorney at Law | Phil Boardman
You have nothing to worry about if you have no equity in your home. If you do, Virginia has a homestead exemption that is available to cover up to $5000 equity in your home. Even if you have equity on paper, many times you really do not have any equity when you calculate all of the cost of sale items.
Answer Applies to: Virginia
Replied: 2/21/2012
Joseph Lehn, Esq | Lehn Law, PA
If you are filing in the state of Florida, your homestead is 100% exempt. You also receive $1,000 to exempt personal property and another $1,000 to exempt a vehicle. It is recommended that you discuss this with an attorney to be sure to protect your assets prior to filing.
Answer Applies to: Florida
Replied: 2/20/2012
HERNANDEZ & SUAREZ, PL | YAHIMA SUAREZ
Your homestead property, the house where you live is exempted from your bankruptcy. However, if you owe money for the house, you will still be responsible for paying such debt. For specific details on your case, exemptions, etc. it is recommended you speak to an attorney so all details of your case be reviewed.
Answer Applies to: Florida
Replied: 2/20/2012
Steven Harrell, Attorney at Law | Waymon Steven Harrell
You get to exempt a $10,000 interest in real estate if you are filing a single petition. Generally, you have a $20,000 exemption in reality if both spouses are filing.
Answer Applies to: Georgia
Replied: 2/20/2012
McCallum & McCallum | Donald G. McCallum
You can exempt at least $75,000 in equity in the home in which you live. This amount can go up to $125,000 depending on your age and earnings. To review the amount of exemptions allowed, check out Cal. Code of Civil Procedure 703 and 704. [If you have a sizeable equity in your home , you will want to opt for the 704 exemptions].
Answer Applies to: California
Replied: 2/20/2012
The Barrister Firm | Christopher Benjamin
If you are filing 13 due to arrearage owed in mortgage payments then our property is protected; if you are filing 7 to liquidate debt (and you are not in foreclosure or behind in our mortgage payment), then your Homestead exemption will protect your home.
Answer Applies to: Florida
Replied: 2/20/2012
The Law Office of Darren Aronow, PC | Darren Aronow
File the house as an exempt asset as long as the equity in your house is less than your homestead exemption.
Answer Applies to: New York
Replied: 2/20/2012
Law Office of Robert Sisson | Robert Sisson
Filing bankruptcy is like filing a tax return of sorts. You can keep your house as long as it is current in payments. You can discharge all your credit cards, doctor bills etc. In bankruptcy and you don't pay on them during the filing process.
Answer Applies to: Wisconsin
Replied: 2/20/2012
Ashman Law Office | Glen Edward Ashman
You are about to commit financial and legal suicide. Do not ruin your life and file pro se. Exemptions and keeping (or losing) vehicles is something that you will mess up without legal help. Save yourself from disaster. Abandon your pro se plans, and get a lawyer. It will save you money.
Answer Applies to: Georgia
Replied: 2/20/2012
The Smalley Law Firm, LLC | Cary Smalley
Generally your home will be exempt when filing for bankruptcy. However, if you have a mortgage you will need to keep current on your payments to avoid foreclosure.
Answer Applies to: Kansas
Replied: 2/20/2012
Law Offices of Joseph A. Mannis | Todd Mannis
You need to a) get the approximate values for the assets in question, such as the house, the car, etc. You then have to b) get familiar with California's exemption laws which are found in Section 703 and 704 of the California Code of Civil Procedure, and c) you should probably talk to a bankruptcy attorney who will do this correctly so that you don't have to worry about whether you just risked your assets unnecessarily.
Answer Applies to: California
Replied: 2/20/2012
J.M. Cook, P.A. | J.M. Cook
Your exemptions are under NC law. You are entitled to exempt up to $35,000 worth of equity in your home. So, if your house is worth $200,000 and you owe $180,000 to your mortgage holder, you can exempt the $20,000 worth of equity. If you have more than $35,000 worth of equity, you are in danger of losing your home in bankruptcy.
Answer Applies to: North Carolina
Replied: 2/20/2012
Carballo Law Offices | Tony E. Carballo
Exemptions are sometimes very complex to interpret depending on your situation so the only way to be sure that you will not make a mistake and lose property in bankruptcy, other than going to law school yourself and become a bankrutpcy expert, is to hire someone who has gone to law school and is a bankrutpcy expert.
Answer Applies to: California
Replied: 2/20/2012
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If you have assets, don't file the case yourself. That is the biggest mistake I see by pro pers. See a lawyer to make sure it is done right.
Answer Applies to: California
Replied: 2/20/2012
Jakob-Barnes Law Firm, LLC | Jennifer Jakob-Barnes
An experienced bankruptcy attorney can assess your situation and advise whether your house can be exempt.
Answer Applies to: Georgia
Replied: 2/17/2012
Neuhaus Law Office | Gregory M. Neuhaus
Assuming you live in Nebraska and have $60,000 or less in equity in your home, you should qualify for a homestead exemption on your house. This assumes that a child or spouse has lived in that home with you at some time.
Answer Applies to: Nebraska
Replied: 2/17/2012
Bodow Law Firm PLLC | Ted Araujo
There are two bodies of law from which exemptions arise. You must know those laws. There are also possible exemptions that are not listed in the bankruptcy code that may apply to your property. This is the main function of the attorney.
Answer Applies to: New York
Replied: 2/17/2012
Braunstein Wisehart LLC | Jacob Braunstein
Certain assets are exempt to a certain amount of value. The value of an asset is calculated by assessing its overall value and subtracting any liens or loans against the asset. In the case of real property, its value is equal to the fair market value minus any loans or liens. If the equity remaining is less than the exemption amount, the house is unaffected.
Answer Applies to: Oregon
Replied: 2/17/2012
Diefer Law Group, P.C. | Abel Fernandez
You have to look at your state law exemptions. Every state will have a list of exemptions of what you can protect and the value of such assets.
Answer Applies to: California
Replied: 2/17/2012
