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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31019
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have a large amount of un-secured credit card debt, if I

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I have a large amount of un-secured credit card debt, if I was to file bankruptcy, what would happen to my residence that my family and I live in? I do currently have a mortgage and I am current and not behind in any payments. I do have a little equity but not much. Thank you in advance for your reply.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 8 years ago.
The Bankruptcy Code allows for an exemption for your homestead residence. Also, once the bankruptcy is filed, you can re-affirm the mortgage debt, which will allow you to have all other things discharged, but keep your home and the mortgage payments.
Customer: replied 8 years ago.
So would it be my understanding that I would NOT be forced to sale my residence and any equity that I have NOT be taken away to pay a part of these debts?
Expert:  Roger replied 8 years ago.
That's right - equity is an intangible and unknown amount that cannot be determined unless you sell your house. If you were to sell your house and have equity cashed out, the creditors could intercept that money to pay the accounts off or down. However, so long as you don't sell, the equity can't be taken away.
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