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I believe you home is safe as long as it is your homestead in a bankruptcy. You should consult a bankruptcy attorney to be safe.
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∙ 12y ago
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TN homestead exemption?
The TN homestead exemption stand for the Tennessee homestead exemption. The Tennessee homestead exemption protects some of the home equity when bankruptcy is being filed.
Does it pay to become a Florida resident when buying a home?
Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.
If you file bankruptcy in one state and own a home in another state may you keep it?
The answer depends on the type of bankruptcy you file and the value of your home. In Chapter 7 bankruptcy, you may be required to sell the home unless it falls within certain exemption limits. In Chapter 13 bankruptcy, you can typically keep your home and create a repayment plan to catch up on missed mortgage payments. It's best to consult with a bankruptcy attorney to understand your specific situation.
Can you convert from a chapter 13 bankruptcy to a chapter 7 bankruptcy and keep your home and car?
Yes, depending on your situation. You should contact an attorney to discuss how it will effect you. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Can you use the homestead act on your current home?
don't know what you mean by homestead act. In Florida you can use homestead exemption.
Can you keep gifts of money during bankruptcy?
Bankruptcy allows you to exempt cash under state and federal law up to certain amounts. Georgia has a $10k homestead exemption and if you don't own a home or have no equity, you could use the $10k exemption on cash.
How can a home be protected when it is jointly owned by a married couple and only one spouse files for bankruptcy?
It depends upon how the property is titled and the homestead exemption allowed. In community property states the home of a married couple will become a part of the bankruptcy if it was acquired during the marriage and if it is not covered by the homestead exemption. In non CP non TBE states a home is not at risk as long as it is protected by the homestead exemption and only one spouse is the debtor/filer. In states that allow property to be held as TBE by married couples the home would not be subject to BK action regardless of the homestead exemption amount when only one spouse is the debtor/filer. FYI, it is advisable for married couples living in community property states to file a bankruptcy jointly even if only one spouse has incurred the debt.
When a home is foreclosed in Tennessee are wages garnished?
Yes, when a home is foreclosed on in Tennessee and there is a deficiency between the amount collected and amount owed, your wages can be garnished to pay the difference. You may be able to file an exemption or file for bankruptcy to avoid this.
May I keep my home if I file bankruptcy?
If it has some equity but not more than the exemption, and if you are current on your mortgage payments. It may also depend on your state homestead laws. Bankruptcy is a Federal Court action and has nothing to do with State Homestead Laws! Equity is irrelevant to whether you can keep your house. It may affect whether you want to reaffirm the mortgages or not. Bankruptcy law specifically allows states to require their exemptions. Most states require you to use state exemption laws, including state homestead exemptions. A handful of states allow you to choose federal or state exemption laws.
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 you want file bankruptcy on credit cards of a large amount could you lose your house to pay off creditors?
How a home is handled in bankruptcy depends on the type of BK filed, state or federal or a combination of the two. In chapter 7, all nonexempt assets are liquidated to pay creditors. The state or federal homestead exemption would apply in regards to the home. In a chapt. 13, debts are consolidated and a payment plan of 3-5 years is set up to repay creditors. And any secured debts are usually reaffirmed with the lender. You can refer to the bankruptcy statues of your state to ascertain if your home is protected by the homestead exemption amount.
Can you file bankruptcy and keep a house that has been willed to you?
Depends on the value of the house and any mortgage. If its free and clear, and you have already used your home exemption, then you could possibly lose the house to the BK trustee.
