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.
My 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.
I have a reverse mortgage on my home, can it be taken from me in a bankruptcy?
yes u can
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 ?
Once you go bankrupt you are out of the game so you can go bankrupt once
General Motors did go bankrupt.
Absolutely, anyone can 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.
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.
when he trades on his own .. he will go bankrupt
do you have to pay tax late payments if you go bankrupt
No you can not go bankrupt on traffic tickets
yes you can bankrupt