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my husband and I are going bankrupt and my question is can you go chapter7 and keep your house? I live in maryland.
Prince Frederick, MD
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Posted 7 months ago in Bankruptcy / Debt
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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?
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Answers (2)Thomas Robert Siegel
This attorney is licensed in Illinois.
Posted 7 months ago.
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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.
Young S Song
This attorney is licensed in Maryland and 2 other states.
Posted 5 days ago.
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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. |