Legal Question in Bankruptcy in Michigan

Differences in chapter 11 and other bankruptcy chapters.

What type of bankruptcy should you file when you have only owned a home for two years and would like to keep it and your spouse receives VA and SSDI as her source of income. Ch.7 Ch.11 etc..


Asked on 1/23/02, 7:03 pm

1 Answer from Attorneys
Don Darnell Darnell & Lulgjuraj, P.C.

Re: Differences in chapter 11 and other bankruptcy chapters.

It really depends on how much equity you have in the house, your income, and the value of your personal property. Either chapter 7 (liquidation) which would allow you to keep the house as long as your equity is within federal allowances, or chapter 13 (wage earner plan) which would also let you keep the house but would require repayment of at lease some portion of your unsecured debts.

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Answered on 1/25/02, 2:23 pm


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