How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

New subject. My sons grandmother has a reverse mortgage and

Customer Question

New subject. My sons grandmother has a reverse mortgage and is in need of filing a chapter 7. She is upside down on the value is it possible for her to lose her house that we live in? or for the court to deem any equity as money usable to pay debt?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Hello,


Thank you for your question.

A homestead is exempt from the claims of creditors in Florida. A person may file a chapter 7 bankruptcy and retain their home regardless of the amount of equity. Equity on a homestead may not be attached to pay creditors