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.
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
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