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Bankruptcy

Asked about 3 years ago - Louisville, KY

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

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E. Brian Davis

Reputation Level 14

Answered almost 3 years ago. Bankruptcy Attorney in Louisville, KY.

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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.

Davis Law Office

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