Chapter 7 Bankruptcy protects in Connecticut a 75k amount for a single how is this protected in the final Chapter 7 proceedings

Asked almost 5 years ago - Groton, CT

I am qualified for Chapter 7
Bought land cash secured Construction Loan ran out of money, lost job.
Construction Mortgage Co owed 290k my personal debts are 150k
Used up all of my IRA and Bank accounts.
Tried selling no luck. House will probably sell for 250k and I loose everything.
How does the Homestead work and is it viable.

Attorney answers (1)

  1. Robert W. Kovacs Jr.


    Contributor Level 14

    Answered . I am not licensed t practice law in your state but I can offer some general advice.

    Sorry your fact pattern is very confusing to me. In bankruptcy you can exempt up to $15,000 of home stead under the federal exemptions (this may be more in your state). However, you can take a homestead exemption on property that you do not live in.

    If you want to provide some more details I or another attorney may be able to give you some more comments.

    Good luck

    Robert Kovacs

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