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Bankruptcy filings are different for each individual, so a specific answer is not possible. In an average bankruptcy filing the person keeps the home and at least one vehicle, and generally all personal and household items. The reason is the average consumer can protect the majority if not all of their property by using the allowable exemptions wisely. The main factor is whether the filer is able to use the federal, state or a combination of bankruptcy exemptions. When new BK reform becomes law in October, 2005, it will be extremely difficult to file any type of personal bankruptcy other than a Chapter 13. It is advisable to discuss your personal situation with a qualified bankruptcy attorney, most will offer free or minimal fee consultations. In the event of your bankruptcy, any interest you have in your house will automatically fall into the bankruptcy. However, if there is very little or no equity in the property it is unlikely that you will lose your home. The Official Receiver will usually try and reach an agreement whereby the interest in the property is transferred to your spouse or a third party for the cost of the legal fees. More information is available on the Insolvency Service website.

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โˆ™ 2008-09-04 11:34:03
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Q: Will you lose your house if you file for bankruptcy?
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Related questions

Can you file for bankruptcy on a foreclosed house?

NO


Will you lose your boat if you file bankruptcy?

Most likely.


Will you lose your wedding ring if you file bankruptcy?

Possibly


If you file for bankruptcy will you lose your car?

Need to know type of Bankruptcy 7, 13, 11 ??


Can you file for bankruptcy even if you owe back taxes?

can you file for a bankruptcy on your house even if you owe back property taxes


Can you file bankruptcy on a rental house and keep your home?

You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in the rental house and you surrender it to the creditor, you will be able to keep your (presumably different) home if it is up to date on mortgage payments, or if you file a Chapter 13 with a Plan that includes becoming current.


Can you file Chapter 7 bankruptcy and still keep your house?

yes, just keep your house exempt from the bankruptcy


Can you keep your car and house if you file bankruptcy?

yes


Can you lose your house if your husband files for bankruptcy?

Yes.


Can you file bankruptcy on a second house and keep your first house?

You can't file bankruptcy "on" any asset. You file for bankruptcy, listing all your assets and debts, to discharge all dischargeable debts. You can surrender an asset such as a second house and get a discharge on any unpaid amount due on a mortgage, while reaffirming the mortgage(s) on the first house.


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.


If you are behind on your house payments and file chapter 7 bankruptcy can they take your house?

no


You owe your sister money can you file bankruptcy on that loan?

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.


Can you file bankruptcy on your house if already in foreclosure?

Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.


Can you declare bankruptcy and still keep your house?

It depends. If you declare bankruptcy on another house while you are living in your formal house, no you don't lose your formal house. If you declare bankruptcy on your formal house, you get your house foreclosed, or taken away by the bank. ----


Claim bankruptcy of your car for dwi lost?

can file bankrupcy if i lose my car


Is workers' comp settlement exempt from bankruptcy in pa?

A worker's comp settlement is exempt from bankruptcy in PA. When you file for bankruptcy, you will lose anything that you owe money on.


When you file for bankruptcy how long before you can buy a house?

When you file for bankrupt, you can wait for 2 years before u can buy a house.


If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?

You have to, it is a debt...it is just a secured debt...by the lien on the property.


If you file bankruptcy do you lose your contractor license?

No, just as long as your contractors bond is still good and active


Can you file bankruptcy and own a home?

You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work out a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home.


Do you get to keep your house if you file bankruptcy?

You may, provided you do not list it in the bankruptcy, you file chapter 13 reorginization, or if you reaffirm with the mortgage holder. That is a dangerous answer. You must list all assets, including your house, in a bankruptcy. You can keep the house if you reaffirm the mortgages and other debts secured by the house in a Chapter 7 and you are not in arrears on the mortgages, or you file a Chapter 13 to get caught up on the secured debt arrears.


How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.


Can you file bankruptcy on the state?

can you file bankruptcy utah unenploment


Did Deltona Corporation file bankruptcy?

No they never did file for bankruptcy