Legal Question in Bankruptcy in Michigan

Will I lose my home?????????

HI there. My husband and I are $45,000 in debt from credit cards. We have already spoken with an attorney and the thing I am worried about is losing my home. He suggested we file for chapter 7. I owe $75,000 and the home's value is about $110,000. The attorney assures us we will not lose the home and that it is exempt. Is this true? Also, if we got started on filing for chapter 7 and they tried taking my home can it be stopped? Thank you for your input - we very much need it!


Asked on 1/01/03, 11:47 am

1 Answer from Attorneys
Timothy Trichler Timothy R. Trichler - Attorney and Counselor at Law

Re: Will I lose my home?????????

Greetings; Yes, you MAY loose your home if you file chapter 7. And NO, once you begin you can not decide (without the court's approval) to stop the proceeding. I strongly suggest you speak with an expert before you go forward!!! I'll bet the attorney that gave you that advice will not put it in writing and/or guarantee the home will not be taken. I suggest you schedule an appointment with my office and get the whole story. Thanks for writing. Atty. Trichler; www.trichler.com; 616-457-5100

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Answered on 1/01/03, 12:36 pm


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