If I own two properties can it be touched if I declare bankruptcy? 10 Answers as of April 04, 2016

A property with a home equity line of credit of $242,000. What are my options now that I cannot afford the loan and the house? Is not selling?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
I don't know enough about you to answer this. You should consult with local counsel.
Answer Applies to: California
Replied: 4/4/2016
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Speak with an experienced BK lawyer face to face. There is not enough information here to hazard a guess. Be willing to pay for one hour of their time. Free consultations are typically 15 minutes with no specific information (very general and very generic). You need hard information so you can make an intelligent decision. Now is not the time to skimp.
Answer Applies to: Colorado
Replied: 3/28/2016
Ronald K. Nims LLC | Ronald K. Nims
The bankruptcy court isn't interested in ownership, it's interested in equity. If you own two properties worth $100,000 each but both have $110,000 loans, then they won't be touched.
Answer Applies to: Ohio
Replied: 3/28/2016
Walpole Law | Robert J. Walpole
You can reaffirm a home you live in. You can not keep a second home or other real estate. The trustee will take those, sell them, keep some and distribute the rest to the other creditors. Good luck.
Answer Applies to: Oklahoma
Replied: 3/23/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
Bankruptcy is not going to let you protect equity in two pieces of real estate. You can protect equity in real estate under Nevada exemptions only if you live in the property. If the property has no equity, you might be able to keep it or the bankruptcy trustee might decide to conduct a short sale and use the incentive kickback to pay a portion of your debts.
Answer Applies to: Nevada
Replied: 3/23/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    If you live in Wisconsin, state exemptions (which are permitted under the otherwise federal bankruptcy law) would permit you to exempt $75,000 of the equity in your homestead. (Double that if you are married and the spouse resides there too.) Ordinarily you cannot exempt the second property, if you use the State list of exemptions. Actually much the same would apply if you chose the federal exemptions. All this assumes that the properties do not have mortgages or other liens affecting them. If they do, then you should subtract these secured claims from the total fair market value to see how much equity you have. You would much benefit from retaining a skilled bankruptcy lawyer. It's almost always worth the investment.
    Answer Applies to: Wisconsin
    Replied: 3/23/2016
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    There is no way to answer your question without a lot more information. Please go see a local knowledgeable bankruptcy attorney for an evaluation of your situation.
    Answer Applies to: California
    Replied: 3/23/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    When you declare bankruptcy, you must report all your assets and liabilities. If you want to protect property, you must be sure to cover it with an appropriate exemption. Only a lawyer can advise you of the appropriate exemptions to use. Anyone else doing so would be practicing law without a license. I would mention that a bankruptcy does not rid you of property you cannot sell, although you can state that you want to surrender it in the bankruptcy. You still have to go through appropriate legal steps to convey the property back to the lender. The conveyance gets more complicated if there is more than one lien on the property, so you really should consult a lawyer to determine your best strategy. Otherwise, you might be wasting your time or your money.
    Answer Applies to: Oregon
    Replied: 3/23/2016
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Depends on values of properties and the ch of bankruptcy. You should consult with bankruptcy attorney.
    Answer Applies to: Florida
    Replied: 3/23/2016
    Stacy Joel Safion, Esq.
    Stacy Joel Safion, Esq. | Stacy Joel Safion
    I would continue to sell it. Why are you declaring Bankruptcy?
    Answer Applies to: California
    Replied: 3/23/2016
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