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 cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

if i file chapter7 bankrupcy can i keep my house if its paid

This answer was rated:

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!
cfortunato and other Bankruptcy Law Specialists are ready to help you