If you have equity in your home, you may still be able to file for bankruptcy and keep your home. Bankruptcy has exemptions to allow you to keep assets that you need to live. This includes some equity in your home as long as it is not excessive. Many of us have lost a lot of equity in our homes recently and if your home is in negative equity or “underwater”, you may be in a perfect situation for bankruptcy. When the housing market starts to make a comeback and you end up with more equity in your home, it may be more difficult for you to file for bankruptcy. The limit for equity is 75k for a single person or 100k for a couple. The equity protection is even higher if you are 65 or older. When you are above that range of equity, you will put your home at risk of liquidation if you file for bankruptcy. So, if you are dealing with a lot of debt and you want to file for bankruptcy, but you are concerned about losing your home, keep in mind that bankruptcy can protect equity in your home, but if equity reaches too high of a level, you may be at risk of liquidation of your home. Now may be the perfect time for you to file for bankruptcy.
Call us to find out if you are qualified for bankruptcy and how it may affect your current assets. We are available anytime at 855 257-7671.