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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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if i file chapter7 bankrupcy can i keep my house if its paid

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if i file chapter7 bankrupcy can i keep my house if its paid for free and clear
Hi JACustomer,
1) What is the current market value of your house?
2) How many - if any - dependents do you have living with you?
3) Are you over 65?
4) Where have you lived for the past 2 1/2 years?
Customer: replied 5 years ago.
value 140000 age 58 4 deependents lived here 20years
The homestead exemption in Virginia is $7,000 for someone under the age of 65 with 4 dependents. ($12,000 for someone over the age of 65 with 4 dependents.)
This means you would not be able to keep your house if you file a Chapter 7 Bankruptcy.

I think this is what you wanted to know. If not, please let me know.
Thank you!
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