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Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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if fileing chap 7 bnkrup what property is exempt my house

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if fileing chap 7 bnkrup what property is exempt my house is behind i have a 80 acre farm in addition to house nd rental these property have no equity but i make my living from them along with retirement income there are 180k unsecured debt would i be able to keep house farm rental
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

If your properties have no equity, you will be able to keep them if you file a Bankruptcy.

Please let me know if there is anything else you want to know.

Thank you!

Customer: replied 3 years ago.
chap 7 not 13? ido have one inherhited propertyy in my name and wifes and father worth110k is thisproperty exempt also
Expert:  cfortunato replied 3 years ago.

You would be able to keep the properties with no equity in a Chapter 7 or a Chapter 13. However, the property worth $110K would not be exempt.

In a Chapter 7 the trustee can force the sale of the $110K property, and take your share (1/3) of the equity to pay creditors. If your wife will also be filing, the trustee can take her share also.

In a Chapter 13, you would be able to keep the inheritance property if you are able to pay the value of your share - and your wife's share if she files also - of the property over the course of the Chapter 13 period.



Edited by cfortunato on 2/5/2011 at 1:26 AM EST
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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