Legal Question in Bankruptcy in Pennsylvania
Home Equity and Bankruptcy
If you declare bankruptcy and you own a home will the equity you have in your home be used to pay bills? If so, that would leave me with a huge mortage I can not pay and leave me in a worse situation than I started!
Asked on 8/31/08, 5:33 pm
1 Answer from Attorneys
John Gibson
John W. Gibson, Esquire
Re: Home Equity and Bankruptcy
You may exempt a portion of the equity in your home. To the extent that your equity exceeds the exemption, an equal amount would have to be distributed to the creditors.
Answered on 9/02/08, 10:22 am
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