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Ratings. Guidance. The Right Lawyer.
bankruptcy
Louisville, KY
Viewed 38 times.
Posted 11 months ago in Bankruptcy / Debt
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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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Answers (1)
E. Brian Davis
This attorney is licensed in Kentucky and 2 other states.
Posted 8 months ago.
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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.
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