Backruptcy affecting house?

My husband is considering filing backruptcy, he owns his own home and I was wondering if bankruptcy, under the new laws, would affect the home??

Thanks in advance for any answers.

This entry was posted on Tuesday, September 15th, 2009 at 8:15 am and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

One Response to “Backruptcy affecting house?”

1. pazporamor Says:
   September 15th, 2009 at 10:45 am

   (It’s bankruptcy, not “backruptcy”, a/k/a “BK”.)

   It varies, state by state, so you’ll have to check out the specific laws where you live. A BK attorney can tell you.

   But in general, you get some type of homestead rights to your primary residence. Keep in mind that you don’t have to include all of your debts in the BK. If the mortgage on the house is good, you don’t have to include it, and they will never know about it unless you tell them. You can probably go to the library, or even a large bookstore and find books about the BK process. (You don’t have to buy the books, just sit an read them so you can learn.)