Legal Question in Bankruptcy in Minnesota

Re: Bankruptcy after home purchase

Usually, in most cases debtors are able to keep their homes and cars with the understanding that they continue to make payments on them. Let me know if I can help.

Re: Bankruptcy after home purchase

Short answer --- Yes

There are limits to the amount of equity you can keep in your home, cars, and other personal property. I would assume that if you are purchasing your home your equity in the home would be very small. You should be ok with "exempting" (bankruptcy term meaning hold back or keep) your house and cars. If you make too much income you might be forced to file a chapter 13 case and repay a portion of your debts. Please feel free to call me to discuss your specific situation in more detail. ph (763) 788-1000

Re: Bankruptcy after home purchase

Yes you can file bankruptcy and should be able to keep your home and car. Give me a call at 651-628-9929 and I could answer your question with more specificity.

Jeff Bursell

Re: Bankruptcy after home purchase

It looks as if you have received several good replies to your answer already. I concur with the attorneys who are telling you that in all probability there should be no problem in your purchase of a home and in keeping your car.

For the house to be problem under the Minnesota state exemptions, your equity would have to be over $200,000.

I have had the experience that when a home is involved, the trustee becomes picky about other things he or she might have otherwise ignored. If you have a boat or snowmobile, for example, the trustee would be more likely to want them or to want you to buy them back from him or her.

You obviously need a detailed and complete consult with myself or one of the other lawyers who have responded to review your situation. I am out of town this week, but will be back in my office on Friday afternoon - September 26th. Call me then if you like - 952-544-6356.