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    marybethand's Avatar
    marybethand Posts: 1, Reputation: 1
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    #1

    May 2, 2008, 09:32 PM
    Selling a home despite of high debts
    I am wondering if anybody can help me. My father is buried 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's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    May 3, 2008, 09:34 AM
    Yes, they can chase him if he sells or even if he does not sell. Their first move will be to sue and get a judgement
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