my husband and I are going bankrupt and my question is can you go chapter7 and keep your house? I live in maryland.

My husband and i are going bankrupt and my question is can you go chapter 7 and keep your house? also can you keep your car? - Is this your question? Add additional information
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Answers (2)

Thomas Robert Siegel

Thomas Robert Siegel

Contributor Level 5
It is possible to retain both a home and automobile despite filing a Chapter 7 Bankruptcy. Whether or not you will be able to in your case will depend on a variety of factors including such things as: The value of the property in question; any liens against that property, including a mortgage; and your ability to continue to pay for any secured loans associated with the property.
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Young S Song

Young S Song

Contributor Level 4
The big question for you is whether there is equity in your house and in your car. If so, how much equity?
If there is no/little equity, and your income otherwise allows you to make the house/car payments, and you are current on the payments, then you should be able to keep both.
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