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View Full Version : If I declare bankruptcy will I lose my mobile home?


airbats-goku
Mar 9, 2007, 11:18 PM
I'm in some real financial trouble. If I declare bankruptcy will I lose my home? It is paid for free and clear. What else can they take from me?

Thomas1970
Mar 10, 2007, 06:59 AM
Hi Airbats,
In MA, where I am originally from, your best bet would be to acquire the protection of the Homestead Act:

Registry of Deeds: The Homestead Act Questions & Answers (http://www.sec.state.ma.us/rod/rodhom/homidx.htm)

I'm not sure in which other states this law exists, but it is certainly worth looking into locally. This would theoretically protect your home from seizure in most instances.
Hope this is of some help. Take care. :)

Fr_Chuck
Mar 10, 2007, 07:04 AM
It may be determined by the value of the mobile home, in many areas the mobile home will be considered personal property ( not real estate)
But you will be allowed a certain amount of exempt property by state guilde lines.

Your best bet is to talk to a bankrutpcy attorney, normally the first visit is free

airbats-goku
Mar 10, 2007, 11:20 AM
Thanks for the info.