real estate


Question by  colshan (63)

I know that filing Chapter 13 exempts some personal possessions, would that include my home?

I need to protect it since I have equity in it.


Answer by  technogeek (6640)

When you file your bankruptcy, you can designate which creditors you wish to include and which ones you wish to continue paying on. This way, your home would not be included in the bankruptcy if you chose for it not to be. However, anything that you forget to designate one way or another is included in the bankruptcy.


Answer by  answerqueen (564)

It will generally include your home. However, generally only allows your primary residence, so if you own multiple properties it won't protect them all. Beware, because the government is cracking down on people filing bankruptcy, and won't allow you to do it as often as you once could.


Answer by  JorgeMuralles (9)

Actually, chapter 13 allows someone to restructure their debt, at the end of the process the backrupcy judge will decide what assets the customers is able to keep. The customer might not be able to keep any assets that the backrupcy judge believes that the customer cannot afford, these include mortgage, vehicles and similar assets


Answer by  PEngle (25)

Laws differ in every state. You should consult your attorney or your county clerk's office if you are filing on your own in order to see what the rules are. Be sure to do your research. There are plenty of online sources you can reference; however, be sure you are utilizing a reputable source.

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