Q: If I have equity in my house will I still be able to file chapt 7 bankruptcy?
A: The question is, can you protect the equity. It depends on your marital status, the type of debt you have and the amount of equity. For example if you are single, and you use the Federal exemptions you can protect up to 27,900 if you use Federal Exemptions or $46,255 if you use State Exemptions. If you are over 65 or disabled you can protect $69,200 with State Exemptions. If you are married you can double the Federal Exemptions and you may be able to protect all of your equity with State Exemptions if you and your spouse do not have joint debt and the property is deeded to you as Husband and Wife.
Timothy Denison agrees with this answer
Depends on a lot of question too numerous to list. Just a few:
Which exemptions you can use.
Your family size.
Your sources of income and amounts.
Anticipated changes in income and expenses.
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