Legal Question in Bankruptcy in Nevada
I am recently divorced and am filing for chapter 7. My name is still on the house and other property my husband and I own. We are waiting for the market to go up so that we don't take a loss. My ex-husband thinks that bankruptcy court can make us sell the home and property in the down market. Is this true?
Asked on 11/02/09, 5:24 pm
2 Answers from Attorneys
Jeffrey Cogan
Jeffrey A. Cogan, Esq., Ltd.
Only if you have over $137,000 of equity.
Answered on 11/07/09, 7:29 pm
It depends on whether you live in the house or not, as well as if there is any equity in it. You are only entitled to claim an exemption to save your equity in a house if you actually live in it. But even if you don't live in it, the Bankruptcy Trustee is not going to sell property unless s/he can sell if for a profit. Even the Trustee will have to pay off the mortgages!
Answered on 11/08/09, 4:40 pm
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