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.

Related Topics:
2 Lawyer Answers
Kevin M Ryan
Kevin M Ryan
PREMIUM
Answered
  • 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
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

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

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.