bankruptcy

Can a 70 year old that owns his own home take bankruptcy without losing it? Spouse passed away and had huge credit card debts. Her check helped make the payments and now he is barely making ends meet. No money in bank , life insurance gone for funeral and living costs. owns 1 vehicle - Is this your question? Add additional information
Answer this question Add to list

Answers (1)

E. Brian Davis

E. Brian Davis

Contributor Level 7
The answer to your question depends, in part, on how much the home is worth. The homestead exemption will protect equity in a home up to a certain amount (about $20,000), but if the house is worth much more than that, a bankruptcy trustee may force you to sell the house.

You need to consult with an experienced bankruptcy attorney to consider your options. You may be able to take some steps short of bankruptcy to improve your situation.
0 0
Back to Search Results

Ask a Question

Get free answers from real lawyers.

Top Bankruptcy Contributors

1.
Shawn B Alexander
Contributor Level 8
260 answers, 0 legal guides
2.
Mark Hankins
Contributor Level 7
32 answers, 0 legal guides
3.
No photo
Contributor Level 4
18 answers, 0 legal guides
View all Bankruptcy Lawyers on the Contribution Leaderboard

Next question: Dealer complaint

Previous question: Defective/Dangerous Products