Legal Question in Bankruptcy in New Jersey
mortgage& bankruptcy law
If I file bankruptcy and my home goes to forclosure and is sold for more than what I owed on the mortgage am i entitled to any portion of that money ?
2 Answers from Attorneys
Re: mortgage& bankruptcy law
Generally yes, as long as you qualify for the Florida exemption on the Florida home (usually ok if you have lived in the Florida home the last 2 years,otherwise there may be some limits)
Hartley Law Firm
Clearwater, FL
www.helpHomeDebt.com
Re: mortgage& bankruptcy law
A portion of any equity in the home is considered to be exempt property and does not go into the bankrupt estate. You would get to keep that. Your bankruptcy lawyer can advise you on exactly how much you are entitled to exempt from each type of property that you now own.
There is no need for you to try to do a bankruptcy without the help of a bankruptcy lawyer. In most cases, you lawyer can be paid from what would otherwise go to general creditors. That being the case, you get the lawyer's services at effectively no cost to you.
See also: http://info.corbettlaw.net/lawguru.htm
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