Can we keep our home if we file for bankruptcy?
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Can we keep our home if we file for bankruptcy?
My wife and I have both lost our jobs. We have a ton of bills and my wife has a lot of debt from taking out loans to pay medical bills for my mother in law in a different country? We’re desperate and we’re both in our mid 50’s so it’s not like we can just wake up and a find a job that easily.
Asked on November 5, 2014 under Bankruptcy Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Seek out a free consultation from a bankruptcy attorney asap. California allows you to keep the house if the equity in the house is considered exempt under the law and you can keep making payments. If the equity is not exempt then the trustee can consider selling it. It is not as easy as it sounds and involves a bankruptcy formula to figure it out. Good luck.
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