Enterprise, AL asked in Bankruptcy for Alabama

Q: On ssi jointly own home w/ 2 acres and 2 vehicles with boyfriend. If I file chapter 7 will i lose my home or car?

Have disabled daughter also living with me. she is also on ssi. No other assests.

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2 Lawyer Answers
Kevin M Ryan
Kevin M Ryan pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Bankruptcy Lawyer
  • Loxley, AL
  • Licensed in Alabama

A: Alabama has a bankruptcy homestead exemption of only $16,450.00 which is adjusted for inflation every 3 years. If your property is owned free and clear, you can lose the property if you file a Chapter 7 bankruptcy case. It is of the utmost importance that you contact a bankruptcy attorney for your case, so that the real estate can be analyzed to see if it can be protected in a ch 7 bankruptcy case filing. If not, you can file under Chapter 13 and keep the home, as long as the payment required under the US Bankruptcy Code is one you can afford. It is possible to have land that is free and clear and so highly valued that filing Chapter 7 or Chapter 13 may not be practical. In that situation, you should consult with a lawyer who handles asset protection trusts or other types of asset protection strategies. The worst thing you can do is try to file a bankruptcy case without a lawyer, considering these circumstances.

Timothy Denison agrees with this answer

Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: You need an experienced lawyer to evaluate your case to properly answer these questions.

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