Legal Question in Bankruptcy in Nevada
Can I file for bankruptcy if I own my own home? How with this affect my home? I do have a homestead.
Asked on 3/07/10, 11:12 am
2 Answers from Attorneys
You certainly can file Bankruptcy & can keep your home as long as you can afford to continue making the mortgage payments. Under Nevada homestead laws, you could have as much as $550,00 in equity in your home and still not have to forfeit it to your creditors in Bankruptcy. Sweet, huh!
Answered on 3/12/10, 11:26 am
Randy Creighton
Black & Lobello
In addition, in Bankruptcy you may be able to "strip" your second mortgage. Or in plain english, you move forward in the bankruptcy with only having to pay the first mortgage.
Answered on 3/12/10, 11:53 am
Related Questions & Answers
-
If i file bankruptcy, chapter 7, is there a time limit on the courts being able to... Asked 3/02/10, 10:22 am in United States Nevada Bankruptcy Law
-
Protecting against Bankruptcy in a Civil suit Here is the short of it: I have a... Asked 2/11/10, 2:54 pm in United States Nevada Bankruptcy Law
-
I am completely underwater in my home owing a total of 3 times what it is worth... Asked 1/26/10, 11:03 pm in United States Nevada Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
