Ask Experts Questions for FREE Help !
Ask
    JKBarrett's Avatar
    JKBarrett Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 16, 2008, 09:17 AM
    Bankruptcy General
    How long once I have filed either 7 or 13 do I have to remain in my house before I retain all of the equity.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Apr 20, 2008, 12:53 PM
    Welcome to AMHD. The equity in you home is determined by your state of residence. If you file Chapter 13 and pay unsecured creditors 100%, you will not lose any equity. A Chapter 7 can be filed and discharged in three to four months. A Chapter 13 can last no longer than sixty months.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Apr 20, 2008, 01:41 PM
    When you file bankruptcy you are allowed to keep a certain amount of various property from your states allowed exemptions. So as long as that amount of equity is within your exemption amount you keep it.

    As notd when you file a chapter 7 it discharges all allowed debt, if your equity was within the exemption amount and you keep the house by paying your loan, the home is still yours.

    So you will need to speak to your attorney as to what amount of equity is allowed to be keep in bankruptcy
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Transferring from General Journal to the General Ledger [ 1 Answers ]

When transferring from the General Journal to the General Ledger which cash items do you transfer .:confused:

General Petraeus or General Betray Us? [ 37 Answers ]

http://farm2.static.flickr.com/1242/1356147370_95b0e2cea6_o.jpg This MoveOn.org ad states, "Every independent report on the ground situation in Iraq shows that the surge strategy has failed." That is a bald-faced lie. Correct me if I'm wrong, but wasn't MoveOn at the forefront of the "Bush...

General Ledger versus General Journal [ 1 Answers ]

Does the number of entries in the general journal equal the number of entries in the general ledger. Why?

General journal [ 3 Answers ]

2. Journalize the following business transactions in general journal Form. Identify each transaction by number. You may omit Explanations of the transactions. 1. The owner, Mike Cline, invests $35,000 in cash in starting a Real estate office operating as a sole...

General Question [ 7 Answers ]

I was baptized Luthern. I would like to start going to church again, but am uncomfortable going back to church. My husband probably won't join me and I am tired of waiting for him to go with me. I am uncomfortable, because I tried one time before and didn't feel like I became a part of the...

View more questions Search