Protecting Your House During Chapter 7 Bankruptcy
Being able to keep your house after filing Chapter 7 bankruptcy is a thing! However, it is important that you meet with an experienced bankruptcy attorney to make sure that your home or other real property can be protected before moving forward with filing Chapter 7.
Your real property includes your house, timeshare, and land that you own. Even if you own the property jointly with someone else, it could impact whether or not a Chapter 7 is right for you.
For example, real property that you own would include:
A house or land that you own jointly with a spouse or other person
A timeshare that you co-signed for and own jointly with another person
A home or land that you inherited along with other people.
There are exemptions available to protect your home and other real property that you own up to a certain amount. Exemptions are laws that protect your property. There are state laws available to protect your real property if you file Chapter 7.
However, it is important to meet with an experienced bankruptcy attorney to determine if your home or other real property can be fully protected under the available exemptions or if filing Chapter 7 would put your property in danger.
Interested in learning more? Contact the dedicated team at Financial Freedom Legal today!
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