Legal Question in Bankruptcy in Massachusetts

house mortgage free will I lose it in bankruptcy

I am thinking about filing for bankruptcy since my bills are out of control.I inherited my home in the early 1990's and there is no mortgage on it.I do have a homestead act which i filed for in 1998.Would I lose my house if I filed for bankruptcy?thanks


Asked on 5/17/06, 10:38 pm

3 Answers from Attorneys
David Baker Law Office of David Baker

Re: house mortgage free will I lose it in bankruptcy

Probably not. The homestead exemption protects your home up to $500,000 in value. Call me to discuss filing a case, if you wish.

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Answered on 5/17/06, 10:51 pm
William McLeod McLeod Law Offices, PC

Re: house mortgage free will I lose it in bankruptcy

No, you won't lose your house. But that's the easiest answer to give without the benefit of knowing more about your debt, and your other assets. For a clearer and more reliable answer, contact me directly so I can ask you some questions.

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Answered on 5/17/06, 11:47 pm
Barry Levine Law Office of Barry R. Levine

Re: house mortgage free will I lose it in bankruptcy

If the house is worth less than the homestead exemption of $500,000.00, probably not. You should have a real estate broker provide you with a market value analysis as soon as possible if you are going to file that bankruptcy.

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Answered on 5/18/06, 5:27 am


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