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How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
Wiki User
∙ 17y ago
It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.
Wiki User
∙ 17y ago
The homestead exemption can protect your home equity in Chapter 13 bankruptcy from being used to pay off creditors. If the Chapter 13 case is dismissed, the homestead exemption may still provide some protection against foreclosure by allowing you to keep a certain amount of equity in your home. However, without the structure of the Chapter 13 repayment plan, you may still be at risk of foreclosure if you are unable to catch up on missed mortgage payments.
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How long do you have left on the property after foreclosure after receiving a letter from an attorney stating the property has been purchased and you had 3 days to vacate does letter serve as eviction?
In many states, after a foreclosure sale, the new owner may start eviction proceedings if the former owner doesn't vacate. The letter from the attorney might serve as a notice to vacate before formal eviction proceedings begin, but the exact timeline can vary by state and local laws. It's important to seek legal advice to understand your rights and obligations in this situation.
Boy aged 29yr and girl aged 13yr sex is possible or not?
No, sex between a 29-year-old adult and a 13-year-old child is illegal and considered child sexual abuse. It is important to prioritize the well-being and protection of minors in such situations.
What happens if the plaintiff doesn't show up to court?
If the plaintiff fails to appear in court, the case may be dismissed for lack of prosecution. The defendant may potentially ask for a default judgment in their favor due to the plaintiff's absence. It is important for all parties involved in a legal proceeding to attend scheduled court dates.
Is it possible to fart into someone elses butt?
No, it is not physiologically possible to fart into someone else's butt. Farting is the release of gas from the intestines through the rectum, and it cannot be redirected into another person's body through the anus.
Is it possible that you can encash the SSS check of other person wherein he already give you the authorization letter to do the encashment?
No, it is not possible to encash an SSS check that belongs to another person even with an authorization letter. SSS checks can only be encashed by the rightful recipient whose name appears on the check, along with presenting valid identification.
Homestead exemption in Kansas?
According to Kansas Homestead exemption, homeowners are limited by the amount of land they protect but can exempt unlimited value in their homes. Protection for up to 160 acres of farmland and 1 acre of land within city limits is possible under Kansas homestead exemption.
Can the New York homestead exemption be waived?
Why on Earth would you want to waive it?You can choose to use the federal exemption instead, but you don't get to pick and choose, you have to take either all state exemptions or all federal exemptions. The federal homestead exemption is (much) lower, but I suppose that it might be possible that you could make up the difference in other exemptions.
Can a lien be put on a homesteaded property in Florida?
Yes, the term homesteaded (homestead exemption) refers to property that is the primary residence of the owner. Some states grant an automatic homestead exemption. In other states the owner must execute and record a homestead exemption in the land records. Real property is subject to liens by a judgment holder in all 50 US states. However, in the majority of cases a forced sale of the property is not possible due either to the exemption protection provided under state law or state statute directly forbidding the sale of a primary residence for consumer debt.
Can creditors take your home?
States establish laws that determine what real and personal property can be attached or seized and sold by a judgment creditor. All states have a homestead exemption that will usually protect the property from a forced sale. The larger the amount of equity that the debtor has in the home makes it more susceptible to a forced sale of the property. Several states by statute do not allow a forced sale of a primary residence (Texas is one) and a forced sale is not possible of property owned as Tenancy By The Entirety by a married couple when only one spouse is the debtor. It is extremely important that the homeowner be aware of the amount of homestead exemption for their state and the governing laws. In some states the homestead exemption is automatically included in state laws relating to creditor action. In many states, however, a homestead declaration must be filed with the city or county recorder's office for a homestead exemption to be valid. In addition, creditors cannot seize any property belonging to a debtor without due process of law (lawsuit or arbitration). The exception is the filing of a Mechanic's lien for improvements or repairs done on the property itself. Mechanic's liens cannot be implemented as a forced sale of a primary residence.
If a credit card company has a judgment against you can they force you to sell your home?
The forced sale of a homestead to pay unsecured creditors is in some cases possible. However it is very seldom done. In the majority of situations the homestead exemption will protect the property. Other factors negating a forced sale depend on how the property is titled and state statutes. Not knowing your state of residency I regret I cannot be more specific.
If you are married with 2 adult kids and get sued what is the best way to protect the equity in your home?
All states have laws that allow a person who is sued to claim a homestead exemption, in most cases this prevents the home from a forced sale. Some states have statutes which automatically grant the homestead exemption; other states require the homeowner to file a declaration of homestead with the county recorder. When faced with a lawsuit the defendant should never attempt to transfer or sell property to avoid possible creditor attachment. Such action is considered "fraudulent conveyance" and can be struck down by the court and possible penalties assessed to the defendant. However the laws in the majority of states governing the transferring of property to adult children are very lenient and in some cases non-existent. The best option would be to obtain legal advice from an attorney (bankruptcy or general practice) versant in creditor-debtor issues.
Where would it be possible to find real estate foreclosure listings?
One may find it possible to find real estate foreclosure listings on the internet. One website that may be used to find such information would be Zillow.
What did homestead strike show?
That government usually sided with business owners
When a bank seizes and sells a home to get as much of its loan back as possible?
That is known as foreclosure.
What is resetting and possible dismissal at an arraignment?
Difficult to answer with only the information given - it sounds as if the arraignment is going to be postponed - and another separate hearing will be "set (held) at whcih time the judge MAY consider dismissal of the charge.
If you have a lien on your house can they take your house?
Theoretically it is possible to execute a lien as a forced sale of a primary residence. However, some states have laws that specifically forbid such action and in most cases the homestead exemption will protect the property when it pertains to unsecured debts . Even if that is not the case homes that are jointly owned (especially by a married couple) are rarely subjected to a forced sale. In addition, senior citizens, disabled persons, and low-income persons generally have added protection against losing their home with the exception of issues concerning foreclosure. State and/or federal tax issues are a totally different situation.
Can you sell your home for the loan amount owed and rent from the new owner then file chapter 7 bankruptcy?
No. The property would have to be sold for fair market value, not for the amount still owed. Even then the trustee would probably challenge the transaction as a fraudulent conveyance. It is possible the homestead exemption would protect the property, as in 98% of BK cases.
