0
In a chapter 7, you can keep the house if there is no equity or the equity is exempt under the applicable exemption statute, or if you can pay the trustee the amount of the equity from some other exempt asset. If the house is in foreclosure, you usually would have to file a chapter 13. In a chapter 13, if the equity in the house, if not exempt, you may have to pay something to the unsecured creditors, increasing the amount of the plan and thus the plan payments. But you get to keep the house.
Wiki User
∙ 15y ago
Wiki User
∙ 14y agoMy brother went bankrupt and he was advised he could keep his flat but there was no equity in the property. But i would advise you to check this out with an official advisory first. He didn't wish to hang on to the flat as he had a girlfriend he moved in with.
Wiki User
∙ 14y agoI have a reverse mortgage on my home, can it be taken from me in a bankruptcy?
Add your answer:
Earn +20 pts
When you go bankrupt can you keep your car?
yes u can
Will you have to sell your house if you go bankrupt?
You will not have to sell your house if you only have $12,000.00 equity in it.
Can you be a teacher if you go bankrupt?
Can you be a teacher if you go bankrupt ?
How many times can you go bankrupt in mn?
Once you go bankrupt you are out of the game so you can go bankrupt once
Did GMC go bankrupt?
General Motors did go bankrupt.
Can you-tubers go bankrupt?
Absolutely, anyone can go bankrupt!
Can you lose your house if you go bankrupt?
Yes. Absolutely. Common sense should tell you that you don't get to keep things of value if you don't pay ithers you owe.
Can you bankrupt your water bill and still stay in your house?
Possibly, but the water company will probably discontinue service to your house. YOU go bankrupt. Not on a bill, or a this or a that. All your debts, and all your assets are included. Generally, your assets are used to pay your debts, with any excess debts being discharged. Yes, water bills are dischargeable debts. If you go bankrupt, your house and/or other assets may be used to pay your debts.
How can a broker go bankrupt in a stock market?
when he trades on his own .. he will go bankrupt
Can you go bankrupt on taxes?
do you have to pay tax late payments if you go bankrupt
Can you bankrupt a traffic ticket?
No you can not go bankrupt on traffic tickets
Can you go bankrupt if you owe the taxman money?
yes you can bankrupt
