selling a home despite of high debts

marybethand · #1 May 2, 2008, 09:32 PM

I am wondering if anybody can help me. My father is burried with a $50g credit card and personal loans. He has not been making any payments for 4 months. He has not file for bankruptcy yet either, but he wants to sell his condo. Can his creditors chase him once he has cash on hand?

George_1950 · May 3, 2008, 05:32 AM

Welcome to AMHD. The answer is yes, with out a doubt. You didn't mention your state, but each has set its own homestead exemption, and the federal bankruptcy law allows a debtor to utilize the exemption to retain equity in certain property in the course of filing Chapter 7 or 13. I believe you should consult a reputable attorney who practices in this area for an in depth look at your father's financial situation.



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