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If delinquent on a home equity does this stop chapter 7 bankruptcy?
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∙ 14y ago
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∙ 14y ago
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Can you file for chapter 7 bankruptcy if you have equity in my home?
Sure.
Can you still keep your vacation home if you file bankruptcy if there is no equity?
In a chapter 7, yes, you can keep your vacation if you have no equity in it. This assumes you have not run out and borrowed money against it knowing you were going to file bankruptcy. In a chapter 13, the equity is only relevant to the amount to be paid to the unsecured creditors. You don't "lose" the property.
Can tax liens be dismissed under Chapter 7 or Chapter 13?
Even if you discharge a tax debt in a bankruptcy (which can be done in limited circumstances), the lien associated with that debt is not released by bankruptcy proceedings. The result is that you may come out of bankruptcy with no tax liability, but there may still be a lien on your property. That lien attaches to any equity in your assets that existed prior to the bankruptcy and was exempted in the bankruptcy. For example, if you owned your house and filed bankruptcy with $20,000 of equity in your home, you may have been able to exempt that equity in the bankruptcy through a homestead exemption (so that you could keep your home). If that happened, after your bankruptcy was discharged the IRS would still have a lien against you that attaches to that $20,000 of equity (but not to any equity that accrues after the bankruptcy filing).
Can a bank decrease unused portion of existing home equity line of credit after filing for chapter 7 bankruptcy?
if you want it to
Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?
No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee
How can you split the house or equity in the house if your husband is in bankruptcy 13 at the time of divorce?
Generally, Home Equity up to $150,000 is exempt from a bankruptcy if the property is HOME STEADED.
Bankruptcy without losing home?
You can keep your home in a chapter 7, if it is determined that you do not have an equity position in your home that succeeds your state's statutory exemptions, as long as you continue to be current on your monthly mortgage payments.
How long can you stay in your home after chapter 7 bankruptcy in Illinois?
If, after meeting with an attorney, it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments.
After Chapter 7 bankruptcy has been Discharge can buy a home?
After Chapter 7 bankruptcy has been Discharge can buy a home
Will filing chapter 7 bankruptcy get rid of a credit card judgment?
Yes. It is the most common reason for filing for bankruptcy. If the judgment creditor had an execution issued and attached any equity in your home, you may have a problem.
Can I file bankruptcy and keep my home?
If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments
Can you keep home in bankruptcy?
In the State of Illinois, you can keep your home while filing a Chapter 7 if it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions and continue to be current on your monthly mortgage payments.
