If I own my house and filed for bankruptcy, can the company take my home from me? 25 Answers as of March 18, 2013

I own a house. I owe around $28,000 in credit cards and I am on permanent disability. If I claim chapter 7, can they take my home.

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Gateway Legal Group | Christian J. Albut
There are exemptions on keeping a home, it will depend on the amount of equity in the home.
Answer Applies to: California
Replied: 3/18/2013
Law Offices of Terrell Monks
Law Offices of Terrell Monks | Terrell Monks
Your homestead will generally be exempt from creditor claims (other than mortgages) in Oklahoma. There are limits on the amount of equity accumulated in recent years and limits to the amount of land than you may protect.
Answer Applies to: Oklahoma
Replied: 3/15/2013
Bird & VanDyke, Inc.
Bird & VanDyke, Inc. | David VanDyke
Federal Bankruptcy law allows people who file bankruptcy to keep a certain amount of property through the various exemptions available. Whether or not you can keep your home will depend on how much equity your home has. If you are over a certain age and/or disabled then the amount of equity you are allowed to have is increased. If you know what your home is worth and what you owe on it then the amount of equity you have can be easily determined. Do not file for bankruptcy until you absolutely know this. Do yourself a huge favor and see a competent bankruptcy attorney before you do anything. If you file for bankruptcy and the court determines that the equity in your home exceeds the amount of your available exemptions your home will be liquidated (sold) and you will not be allowed to simply dismiss your case. They will take your home. This is why it is so important that you know all of this BEFORE you file so you can plan it out BEFORE you file.
Answer Applies to: California
Replied: 3/15/2013
Bruning & Associates, PC
Bruning & Associates, PC | Kevin Bruning
Whether you will lose your house in bankruptcy depends on numerous factors including whether there is a mortgage on the house, how much the house is worth, and how you hold title to the house. An experienced bankruptcy practitioner will assist you in determining how best to preserve the equity in your house in a bankruptcy.
Answer Applies to: Illinois
Replied: 3/15/2013
Law Offices of Joseph A. Mannis
Law Offices of Joseph A. Mannis | Todd Mannis
Depends on the amount of equity you have in the home.
Answer Applies to: California
Replied: 3/14/2013
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    I would have to know how much your house is worth and how much you owe against it. Every state has different exemptions that allows you to protect your equity interest in your home. In Nevada, that amount can vary from $125,000 to $550,000, depending on how long you have owned the property. The amount of equity allowed in Nevada is much higher than that available under the laws in most other states.
    Answer Applies to: Nevada
    Replied: 3/14/2013
    The Stockman Law Office | Mary Stockman Esq.
    If you live in Florida your home is "out of the reach" of your creditors. In Florida your home could be worth 1 million dollars (if in a munincipality not on more than 20,000 sq. ft of land) and paid off (free and clear) and it would be yours to keep?if you file bankruptcy. The home is only subject to consentual liens like a mortgage or line of credit, and can be attached by IRS. There are other requirements to bankruptcy, that you disclose all assets and liabilities and report transfers, income, etc.
    Answer Applies to: Florida
    Replied: 3/14/2013
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    In New Jersey, It will depend on the following: are you in arrears on the mortgage, do you have any equity in the property after your allowable Federal Exemption. If the answer is No to both, you will probably be safe, but I strongly urge you to get a consult with a bankruptcy specialist.
    Answer Applies to: New Jersey
    Replied: 3/14/2013
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    The question is not whether the creditors can take the house, it is a question of whether a bankruptcy trustee can take the house. If you have no equity, then it is not a concern. If there is equity, unless you can fully exempt the equity in the house, the bankruptcy trustee can sell the house, give you whatever amount of exemption you can claim and pay your creditors with whatever is left over. The exemption you have available depends on the state where you live, so you would be best served to consult with a bankruptcy attorney as to your options rather than risk your home.
    Answer Applies to: California
    Replied: 3/14/2013
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    The answer to your question will vary significantly from one jurisdiction to another. Some states allow a person to protect quite a bit of equity in a home, while in other states you cannot protect very much at all. It would be a very good idea for you to consult with an experienced bankruptcy attorney in your area to determine whether bankruptcy is a wise choice for you.
    Answer Applies to: Colorado
    Replied: 3/14/2013
    Moffa & Bonacquisti, P.A.
    Moffa & Bonacquisti, P.A. | John A. Moffa
    If you dont pay the mortgage, if any, or the real property taxes you could lose the house. Im not sure what company you are referring to.
    Answer Applies to: Florida
    Replied: 3/14/2013
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Well. I dont know if there is any equity in your home above your "homestead exemption" (the amount of which varies by state). This type of question is actually scary. You filed a bankruptcy without knowing the answer to this question before you filed. Any one who has assets with equity needs to see a lawyer first. If the trustee determines you have equity sufficient to pay something to your creditors, you cannot then back out of the bankruptcy case. You need to consult with a local attorney on this.
    Answer Applies to: California
    Replied: 3/14/2013
    Debt Relief Law Center | Roger J. Bus
    Usually not, assuming you can exempt the equity in your house, if any.
    Answer Applies to: Michigan
    Replied: 3/14/2013
    Philip R. Boardman, Attorney at Law
    Philip R. Boardman, Attorney at Law | Phil Boardman
    That depends on whether you have equity in the house or not. If you do not have equity in it, the Trustee will not want to sell your house.
    Answer Applies to: Virginia
    Replied: 3/14/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    Your home is exempt in Nevada up to $550,000 equity. You do have to continue to pay your mortgage. As long as you do so, you will not lose your home in a bankruptcy.
    Answer Applies to: Nevada
    Replied: 3/14/2013
    Mari Morrison Attorney at Law | Mari Morrison
    Yes they can take your home if you have equity in the house. The Trustee will try to sell your home and pay a portion if not all of the credit cards off. You need to discuss this with your lawyer and if you do not have one, you should try to get one.
    Answer Applies to: Alabama
    Replied: 3/14/2013
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    No they cannot if you properly exempt it and the debt was incurred after you owned the home.
    Answer Applies to: Florida
    Replied: 3/14/2013
    Stittleburg Law Office
    Stittleburg Law Office | Bernd Stittleburg
    It depends on whether you have equity in your property. If you do have equity, then you probably do not want to file Chapter 7 bankruptcy.
    Answer Applies to: Georgia
    Replied: 3/14/2013
    Reger Rizzo & Darnall LLP | Kathleen DeLacy
    Not if your home is current and some lenders require you to re-affirm the loan.
    Answer Applies to: Delaware
    Replied: 3/14/2013
    Underwood & Riemer, P.C.
    Underwood & Riemer, P.C. | James D. Patterson
    The short answer is no. As long as you are current on your home mortgage payments prior to the filing of the chapter 7. However, if you have a significant amount of equity in your home, specifically above your exemption, you may be required by the Chapter 7 trustee to surrender property/or pay a monetary amount into the bankruptcy as payment towards those creditors. Your bankruptcy attorney can broker a deal with the trustee on what you might have to pay, but that is something that needs to be worked out between your attorney and the trustee when you get to that point.
    Answer Applies to: Alabama
    Replied: 3/14/2013
    Danville Law Group | Scott Jordan
    Do you own your house outright or do you have a mortgage? If no mortgage, your home could be in jeopardy depending on the amount of equity you have in it.
    Answer Applies to: California
    Replied: 3/14/2013
    Attorney at Law | David Holbrook
    If the payments are current, and you have minimal equity, it is safe in a Chapter 7 Bankruptcy.
    Answer Applies to: Georgia
    Replied: 3/14/2013
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Yes if it cannot be exempted.
    Answer Applies to: Michigan
    Replied: 3/14/2013
    Graves Law Firm
    Graves Law Firm | Steve Graves
    If you live in Texas you probably wont lose your home for credit card debt. See a bankruptcy lawyer. Most charge nothing to review your case with you.
    Answer Applies to: Texas
    Replied: 3/14/2013
    Steele, George, Schofield & Ramos, LLP
    Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
    If you can afford the payments on your home (and you are current on those payments) and you are able to exempt any equity that you have in your home, you should not have a problem. You should see a local attorney to make sure that your rights are protected.
    Answer Applies to: California
    Replied: 3/14/2013
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