Q: Can you keep your house if you file for bankruptcy?
A: Possibly. This is a question that involves exemptions and other issues. The exemption for a Michigan resident is up to about $57,000 under the "state" exemptions, and about $23,625 under the federal exemptions. There is also a "tenancy by the entirety" exemption that may be possible. I would need more facts to answer your particular question. Otherwise, to provide an answer would be like writing a scholarly article.
A: Yes it is possible to keep your residence, but you need to speak with counsel about your best option and whether to file a 7 or a 13.
Robert Keyes agrees with this answer
A: In most cases, yes. Chapter 13 is designed for debtors who want to save and keep their homes. If you file Chapter 7, a Trustee is appointed to determine ifny property can be sold to pay creditors. If you have alot of equity in your home, there is a risk it could be sold. Your attorney will review your case an advise you if there is any risk , and what can be done to keep your home safe. If you cannot be sure your house is safe, you would not file a Chapter 7.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
