You do not have to lose your house if you file for bankruptcy. Under Chapter 7 bankruptcy law, you are allowed to maintain a certain amount of equity in real estate. In Illinois, the homestead exemption is $15,000.00. If you are filing jointly (husband and wife), then you can protect up to $30,000.00 of equity in the property. Your attorney will advise you if the equity in your real estate property exceeds the amount that you can protect.
Under Chapter 13 law, you can keep property as you agree to repay either all or a portion of your debt over a three to five year period. You can also decide to surrender property and pay it back at less than in full. The amount and percentage that needs to be paid back is based upon your income, expenses, your assets and your liabilities.
yes they did
well, if he went bankrupt, then he lost all of his money
You will not have to sell your house if you only have $12,000.00 equity in it.
Harley Davidson had a rough patch in 1983.
No, a mortgage is a debt, and can't be bankrupt. Only a debtor can be bankrupt, i. e., unable to meet obligations as they become due. If you mean, can you file bankruptcy and either surrender the property (c. 7) or get caught up by a c. 13 plan, yes, of course.
Yes
yes they did
NO.
they would lose everything
well, if he went bankrupt, then he lost all of his money
i need to know what i can
By filing a BK petition in your local BK court.
It was bankrupt.
Sure. You can file for BK regardless of how much money you have or have coming.
You will not have to sell your house if you only have $12,000.00 equity in it.
if they cant pay for it they will lose the home
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.