Legal Question in Bankruptcy in Virginia

Unprotected equity

If you have more than 10,000 dollars in equity in your home when you file chapter 7 bankruptcy do you have to give that to the trustee and if yes how soon from the time of first filing.


Asked on 3/16/01, 9:37 pm

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

Re: Unprotected equity

The answer is "maybe." It depends on how the property is titled (both spouses?); whether both or only one spouse files; how "equity" is calculated; and other factors. If it has to be turned over, it may be soon or it may be several months, depending on whether there are issues that have to be resolved. There are other options as well, such as Chapter 13. See an experienced bankruptcy lawyer soon to discuss your best course of action.

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Answered on 5/28/01, 11:07 am


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