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Roger, Attorney
Category: Bankruptcy Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My home is paid for but because of business failure my husband

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My home is paid for but because of business failure my husband took out bankruptcy...Now because my name was on leased vehicles..which have been turned in..the lease company wants me to pay $5000 difference..I also have several credit card balances left from business that failed..I want to know if my home would be in jeaporday if I filled bankruptcy too?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 4 years ago.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

Because your home is paid for, and because Virginia has such a small homestead exemption ($5000 -, your home is at risk in the event of filing bankruptcy. Essentially, the trustee could seize your home, pay you the $5000 exemption and then take the rest of the money from the sale and turn it over to the creditors to pay debts.

You're much better off to try and settle these debts as opposed to filing bankruptcy.
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