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You do not have to lose your house if you file for bankruptcy. Under Chapter 7 bankruptcy law, you are allowed to maintain a certain amount of equity in real estate. In Illinois, the homestead exemption is $15,000.00. If you are filing jointly (husband and wife), then you can protect up to $30,000.00 of equity in the property. Your attorney will advise you if the equity in your real estate property exceeds the amount that you can protect.
Under Chapter 13 law, you can keep property as you agree to repay either all or a portion of your debt over a three to five year period. You can also decide to surrender property and pay it back at less than in full. The amount and percentage that needs to be paid back is based upon your income, expenses, your assets and your liabilities.
What else can I help you with?
Did Chevy file bankrupt?
yes they did
How much money did benadict Arnold lose when he went bankrupt?
well, if he went bankrupt, then he lost all of his money
Will you have to sell your house if you go bankrupt?
You will not have to sell your house if you only have $12,000.00 equity in it.
What year did Harley Davidson almost file bankrupt?
Harley Davidson had a rough patch in 1983.
Can you bankrupt a mortgage?
No, a mortgage is a debt, and can't be bankrupt. Only a debtor can be bankrupt, i. e., unable to meet obligations as they become due. If you mean, can you file bankruptcy and either surrender the property (c. 7) or get caught up by a c. 13 plan, yes, of course.
If you are coowner of a house can you file bankrupt?
Yes
Did Chevy file bankrupt?
yes they did
My car was repoed can i file bankrupt and get it back?
NO.
What if Broadway went bankrupt?
they would lose everything
How much money did benadict Arnold lose when he went bankrupt?
well, if he went bankrupt, then he lost all of his money
What does bankrupt dismissal mean if you lose your job?
i need to know what i can
How do you file bankrupt?
By filing a BK petition in your local BK court.
Why did the Virginia company lose its charter?
It was bankrupt.
If i received a refund of 13000 can i still file for bankrupt?
Sure. You can file for BK regardless of how much money you have or have coming.
Will you have to sell your house if you go bankrupt?
You will not have to sell your house if you only have $12,000.00 equity in it.
If husband and wife is on the loan for a home and the wife goes bankrupt will the husband lose the home?
if they cant pay for it they will lose the home
Does the cost of land include annual property taxes?
it should not unless you file bankrupt
