Legal Question in Bankruptcy in Virginia

Conversion/Homestead Deed

My husband and I are in the process of converting our Chptr 13 to a 7. I filed the homestead deed in 5 business days (7 reg. days)they have filed an objection.Our home was $78,000 we owe $75,000 it was assessed for less.Will we be able to keep our home? What kind of stipulations will there be?And last can you get out of a bankruptcy and go back to having your creditors send you the bills???

Thanks


Asked on 9/26/01, 1:10 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Conversion/Homestead Deed

For a homestead deed, 5 days is 5 days, not 7. So you will likely lose that exemption. If the equity is only $3000, though, it is unlikely the trustee will take the house - but he may see what he can get. If you don't have a lawyer already, get one NOW!!!

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Answered on 11/06/01, 6:32 pm


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