I have about $80,000 in credit card debt. I also have a mortgage of over $250,000. My family income is app.$100,000 and I have 2 children living at home.
What happens to my home if I file bankruptcy? Can I keep it?
Do I loose my home?
posted by Questions @
1 Expert Comment:
At December 2, 2009 |
7:15 am
, Bart Goth, Trustee in Bankruptcy Said...
The answer to this question depends on the value of the property. Essentially you are permitted to have up to $40,000 equity in a principle residence and as long as your equity value is less than this then you will no issue with your house and will be able to keep it if bankruptcy. However if your equity is larger than this then there may be a portion of the equity that has to be distributed among your creditors.
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