if i file chapter 7 bankruptcy will i lose my house?

Hi im asking this question on behalf of my mother in law who is currently in jail. She just recently told my husband, who has power of attorney for her to look into filing bankruptcy. At this point, her only valuable asset is her home, which is what we are trying to save, so if we file chp 7 will that really do any good?

This entry was posted on Tuesday, December 23rd, 2008 at 6:38 pm 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.

2 Responses to “if i file chapter 7 bankruptcy will i lose my house?”

1. Net Advisor Says:
   December 27th, 2008 at 2:14 am

   Depends on what state you live in. Many states you can keep your house as long as the net value (equity) does not exceed a certain amount. In Florida, you can have a $30Million home, file BK, and still keep it.

   Chapter 7

   Florida Bankruptcy Law Blog

   Bankruptcy Exemptions (double check w/ an attorney)

   Bankruptcy Exemptions (double check w/ an attorney)
   Check by State

2. Jennifer Says:
   December 30th, 2008 at 12:43 am

   Hi,
   I used “Credit Solution” to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It’s legitimate. I came across this company on NBC News Special Edition.Check it out here: