Legal Question in Bankruptcy in Virginia

does bankruptcy require to sell home for equity

I have card debt at 27,000. My home is valued at 225,000.00/ owe about 136,000.00 Does filing make me lose my home. I am recently widowed and on a fixed income. Mortgage 1460.00 month. income 2400.00 trying to get employment


Asked on 3/13/08, 2:31 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: does bankruptcy require to sell home for equity

Assuming you are in VA and have lived here for at least 2 years, and that your numbers are correct, you could not exempt a sufficient portion of the equity in your home to avoid it's being sold by a Chapter 7 trustee. You may be able to file Chapter 13 to pay your debt over time, and with less/no interest, but with those numbers you would need to pay 100% of filed claims.

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Answered on 3/13/08, 3:48 pm


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