Ask Experts Questions for FREE Help !
Ask
    airbats-goku's Avatar
    airbats-goku Posts: 220, Reputation: 16
    Full Member
    		  
    #1

    Mar 9, 2007, 11:18 PM
    If I declare bankruptcy will I lose my mobile home?
    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's Avatar
    Thomas1970 Posts: 856, Reputation: 131
    Senior Member
    		  
    #2

    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

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

    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's Avatar
    airbats-goku Posts: 220, Reputation: 16
    Full Member
    		  
    #4

    Mar 10, 2007, 11:20 AM
    Thanks for the info.
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!

Mobile Home Repossession [ 6 Answers ]

I am wondering how long it takes to foreclose or reposess a mobile home in Michigan after you have been notified you have 30 days to pay the back monies owed. Do they give you a court date? Thank You

Declare bankruptcy? [ 2 Answers ]

Can you declare bankruptcy when you owe 20 000 and if not what do they do,how much do they make you pay per month,can you still put money aside in a bank and what do they take from you.:confused:

Mobile home repossession and bankruptcy [ 1 Answers ]

My husband and I are considering bankruptcy. We have a mobile home that is about to be repossessed. My question is, how will the repossession be handled by bankruptcy? We are not interested in keeping the mobile home but we are looking at filing Chapter 13 so that are debts are repaid.

Mobile Home reposession [ 11 Answers ]

My husbands parents, own a mobile home. Last year, his mother, was in the hospital for one month, for heart failure and respitory failure. She was also in a coma. His father is on social security and can no longer pay for the mobile home. They are currently 3 months behind of the payments. The...

Mobile Home Foreclosure [ 2 Answers ]

My husband purchased a mobile home the year before we were married. A year after we married he was diagnosed with a chronic illness and has been unable to work since then. He receives SSI disability, but it is not much. In recent months he has been hospitalized for a lenghty period. Due to this, he...

View more questions Search