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Can a person file bankruptcy on a house if there is no income anymore?
Wiki User
∙ 16y ago
You file bankruptcy...not the property.
You do not file it on a debt, or an anything. You do not say, that thing that isn't worth anything is bankrupt and I want the court to resolve it, but this asset....the one worth money....I don't want them to touch.
When you file bankruptcy it involves EVERYTHING you own and everything you owe.
ALL your assets and liabilities are involved. They are given different classes....some are classified as exempt.
You do not and cannot pick and chose what you want to be involved.
Basically, after the few exemptions, all your assets are used to pay all your debts.
If you have more assets than debts, everybody gets paid everything. If you have more debts than assets, some of the excess are dismissed.
Wiki User
∙ 16y ago
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What does Discharge Bankruptcy mean?
I Have just been discharged from bankruptcy, does this legally mean that my possisions can not be touched and I am not liable anymore for the debt. I wont to know if my house is now safe ?
Is a credit line on your house included in bankruptcy?
That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.
Can you co sign on a house after bankruptcy?
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
If a married couple no longer living together own a house and one files bankruptcy should the person filing bankruptcy surrender the house so other can keep house or will it cause other person to lose?
The party that filed bankruptcy will be protected as far as the collections process is concerned. The bank will in response expect the party who has not filed bankruptcy to make all the remaining payments. If this happens, you may want to consult with a lawyer ASAP so that you are making payments on a house that will be co-owned by an X.
Can you file bankruptcy if you own your home?
In principle, yes, but it depends on the equity in your home and how much of it you can exempt, as well as the non-exempt equity in all other assets and how much debt, income and expenses you have.
If a person owns a home can they rent the home to another person after the owners bankruptcy?
If a person owns a house they can do what they wish with it (within the law). If they are declared bankrupt and they no longer own it then they have no say in what happens with the house. It is no longer theirs.
Can I keep my house and car out of a bankruptcy?
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
Can you file bankruptcy on your house if already in foreclosure?
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
Can you fiance a house after bankruptcy?
Yes, 3 years after discharge of the Bankruptcy.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
How much tax is paid on winning a house?
Taxed at your ordinary income rate, which varies person by person, based on other income, deductions, dependents, losses, State rate, city rate, etc., etc. and of course on the value of the house.
Can you buy a house if you have filed bankruptcy?
No.
